/raid1/www/Hosts/bankrupt/TCRAP_Public/211109.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 9, 2021, Vol. 24, No. 218
Headlines
A U S T R A L I A
BLACKWATTLE 2021-2: S&P Assigns Prelim B(sf) Rating to Cl. F Notes
EVOLUZIONE PTY: First Creditors' Meeting Set for Nov. 17
HORIZON GLOBAL: Incurs $2.8 Million Net Loss in Third Quarter
IMAGINE INTELLIGENT: Second Creditors' Meeting Set for Nov. 16
INCITEC PIVOT: To Shut Down Manufacturing Plant in Gibson in 2022
NATIONAL RENTAL: First Creditors' Meeting Set for Nov. 16
[*] Australian Business Collapses Down 40% to Pre-Pandemic Levels
C H I N A
AIRPOWER TECHNOLOGIES: Moody's Withdraws 'Ba2' Corp. Family Rating
CHINA AOYUAN: Moody's Cuts CFR to B2, Under Review for Downgrade
CHINA EVERGRANDE: HK SFC Sees No Systemic Risk from Troubles
CHINA EVERGRANDE: Some Investors Got no Interest Payment Due Nov. 6
FUJIAN YANGO: S&P Downgrades ICR to 'CCC-', Outlook Negative
GUANGXI LIUZHOU: Fitch Affirms Then Withdraws 'BB' IDR
WENS FOODSTUFF: Fitch LT Lowers Foreign Currency IDR to 'BB+'
I N D I A
AIBEL APPARELS: CRISIL Hikes Rating on INR10cr Cash Loan to B-
AMG ROTANA: CRISIL Withdraws B Rating on INR6cr Cash Debts
ANGELS PHARMA: CRISIL Raises Rating on INR21cr LT Loan to B+
C P SPONGE: CRISIL Keeps B- Debt Rating in Not Cooperating
DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating
GEETHA WOOD: CRISIL Assigns B+ Rating to INR1.25cr New Loan
GOVERDHAN VERMA: CARE Reaffirms B+ Rating on INR10cr LT Loan
GSS INFOTECH: CRISIL Keeps B Debt Ratings in Not Cooperating
JMT AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
KAPILANSH DHATU: CRISIL Assigns B Rating to INR12cr Cash Debt
LEMIT PAPERS: CRISIL Assigns B Rating to INR100cr Loans
MAHADEO DALL: CARE Keeps B- Debt Rating in Not Cooperating
MOBILE TELECOM: CRISIL Keeps D Debt Rating in Not Cooperating
MODERN STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
PRACHAR COMMUNICATIONS: CARE Keeps B+ Rating in Not Cooperating
RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
RUPAM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
SHRE INTERNATIONAL: CRISIL Hikes Rating on INR6.2cr Loan to B-
SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating
SILVER OAK: CRISIL Withdraws B+ Rating on INR41.32cr Term Loan
SIVAGURU SPINNING: CRISIL Withdraws D Rating on INR15cr Loan
SPICEJET LIMITED: CRISIL Withdraws D Rating on INR500cr Loan
STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
VBS TEXTILES: CRISIL Moves Various Debt Ratings to CRISIL B-
VIN SEMICONDUCTORS: CRISIL Moves D Ratings to Not Cooperating
VUDDANDA SOLAR: CARE Keeps D Debt Rating in Not Cooperating
J A P A N
SOFTBANK GROUP: Unit Posts JPY825.1BB Loss in Qtr Ended Sept. 30
N E W Z E A L A N D
AVANTI RMBS 2021-1: Fitch Affirms BB+ Rating on Class E Notes
COBBLESTONE CHARM: Court to Hear Wind-Up Petition on Nov. 16
GARY FRISBY: Court to Hear Wind-Up Petition on Nov. 16
MUFFLER SHOP: Creditors' Proofs of Debt Due Dec. 8
NEW LEVEL: Creditors' Proofs of Debt Due Dec. 2
S I N G A P O R E
EAGLE HOSPITALITY: Court Okays Bankruptcy Plan for Creditor Vote
HAN TCM: Court to Hear Wind-Up Petition on Nov. 26
PARK HOTEL: Court to Hear Wind-Up Petition on Nov. 19
RAFFLES GEOSYSTEMS: Creditors' Meeting Set for Nov. 17
X X X X X X X X
[*] BOND PRICING: For the Week Nov. 1, 2021 to Nov. 5, 2021
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A U S T R A L I A
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BLACKWATTLE 2021-2: S&P Assigns Prelim B(sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of residential mortgage-backed securities (RMBS) to be
issued by Permanent Custodians Ltd. as trustee for Blackwattle
Series RMBS Trust 2021-2. Blackwattle Series RMBS Trust 2021-2 is a
securitization of prime residential mortgages originated by Sintex
Consolidated Pty Ltd. (Sintex).
The preliminary ratings assigned reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread. S&P's assessment of credit risk takes into account Sintex's
underwriting standards and approval process, the servicing quality
of Sintex, and the support provided by the LMI policies on 2.07% of
the loans in the portfolio.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the LMI cover, the
interest-rate swaps, the loss reserve, the liquidity facility, the
principal draw function, and the provision of an extraordinary
expense reserve. S&P's analysis is on the basis that the notes are
fully redeemed by their legal final maturity date, and it assumes
the notes are not called at or beyond the call-option date.
S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as interest-rate swap provider,
bank account provider, and liquidity facility provider.
Interest-rate swaps are provided if needed to hedge the mismatch
between the fixed-rate mortgage loans and the floating-rate
obligations on the notes. The transaction documents for the swap
and facilities include downgrade language consistent with S&P
Global Ratings' counterparty criteria.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Preliminary Ratings Assigned
Blackwattle Series RMBS Trust 2021-2
Class A1, A$195.50 million: AAA (sf)
Class A2, A$16.10 million: AAA (sf)
Class B, A$6.56 million: AA (sf)
Class C, A$4.72 million: A (sf)
Class D, A$2.99 million: BBB (sf)
Class E, A$1.84 million: BB (sf)
Class F, A$1.27 million: B (sf)
Class G, A$1.04 million: Not rated
EVOLUZIONE PTY: First Creditors' Meeting Set for Nov. 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Evoluzione
Pty Ltd will be held on Nov. 17, 2021, at 11:00 a.m. via webcast
facility.
John Bumbak and Richard Tucker of KordaMentha were appointed as
administrators of Evoluzione Pty on Nov. 5, 2021.
HORIZON GLOBAL: Incurs $2.8 Million Net Loss in Third Quarter
-------------------------------------------------------------
Horizon Global Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.77 million on $196.54 million of net sales for the three
months ended Sept. 30, 2021, compared to net income of $1.59
million on $201.63 million of net sales for the three months ended
Sept. 30, 2020.
For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $16.96 million on $617.85 million of net sales compared
to a net loss of $32.16 million on $485.37 million of net sales for
the same period during the prior year.
As of Sept. 30, 2021, the Company had $468.33 million in total
assets, $494.26 million in total liabilities, and a total
shareholders' deficit of $25.93 million.
"When we launched our turnaround plan in late 2019, we set out to
build a strong global organization that would not waver regardless
of the external business climate," stated Terry Gohl, Horizon
Global's president and chief executive officer. "Our Q3 2021
performance is evidence that we achieved this objective. Despite
significant and unprecedented macroeconomic headwinds relating to
material costs and supply chain constraints, we did not bend.
Instead, we rose to the occasion and rapidly identified and
deployed targeted actions, including commercial price recovery,
manufacturing rebalancing and operational cost mitigation, to
partially offset the impact of industry-wide headwinds. At the
same time, we never lost sight of our long-term strategic plan and
accelerated the execution of operational improvement initiatives to
support the business in Q3 2021 and beyond."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001637655/000163765521000160/hzn-20210930.htm
About Horizon Global
Horizon Global -- http://www.horizonglobal.com-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer.
Horizon Global reported a net loss attributable to the Company of
$36.56 million for the 12 months ended Dec. 31, 2020, compared to
net income attributable to the company of $80.75 million for the 12
months ended Dec. 31, 2019. As of March 31, 2021, the Company had
$468.15 million in total assets, $492.41 million in total
liabilities, and a total shareholders' deficit of $24.26 million.
IMAGINE INTELLIGENT: Second Creditors' Meeting Set for Nov. 16
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Imagine
Intelligent Materials Limited has been set for Nov. 16, 2021, at
3:00 p.m. via telephone conference facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 15, 2021, at 5:00 p.m.
Ian Purchas of SV Partners was appointed as administrator of
Imagine Intelligent on Oct. 12, 2021.
INCITEC PIVOT: To Shut Down Manufacturing Plant in Gibson in 2022
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Nick Toscano at The Sydney Morning Herald reports that Incitec
Pivot has blamed high gas prices for its decision to shut down its
50-year-old manufacturing plant on Brisbane's Gibson Island,
putting 170 jobs at risk.
Incitec, which relies on gas as a raw material for producing
fertiliser products such as ammonia, is Australia's top commercial
gas user, but the ASX-listed group has been under pressure from a
sharp rise in the price of east-coast gas over recent years, SMH
says.
Despite its "best efforts", Incitec chief executive Jeanne Johns on
Nov. 8 said the company had been unable to secure an economically
viable long-term gas supply contract for Gibson Island and would
close the plant in December 2022, according to SMH.
"It is disappointing for our people and Australian manufacturing
that we could not reach a suitable commercial gas supply agreement
to continue the operation of the Gibson Island facility from
processing natural gas," SMH quotes Ms. Johns as saying. "We will
be working with our people and offering them whatever assistance we
can."
According to SMH, gas supply contracts on the east coast, which
historically traded at prices as low as $4 a gigajoule, began
rising in 2017 and surpassed $10 a gigajoule. The increase
coincided with Australia starting to sell liquefied natural gas
(LNG) overseas.
Other heavy gas users, such as manufacturers in Victoria in NSW,
have also been struggling with gas prices over recent years. Dow
Chemical cited rising gas prices as one of the reasons for closing
its plant in Altona in Melbourne's west in 2019, SMH relays.
Prices began trending down last year, with most offers for 2022
supply ranging from $6-8 a gigajoule, the Australian Competition
and Consumer Commission (ACCC) has found.
The ACCC has raised concerns of the risk of fresh rises amid
record-high LNG spot prices, which partly influence local supply
contracts. Australian LNG cargoes in the Asian spot market this
year have hit record highs above US$50 per million British thermal
units, and remain elevated above US$30.
SMH says Incitec's closure announcement has disappointed the
Morrison government, which has made a priority of seeking to lower
gas prices in a bid to deliver a "gas-fired recovery" from the
economic shock of the COVID-19 pandemic and create more jobs.
According to the report, Federal Energy Minister Angus Taylor said
15 commercial gas arrangements had been struck this year,
demonstrating there was "supply and competitive terms available".
"Our prices are internationally competitive and remain well below
the over 400 per cent increase that has been seen in the United
Kingdom," he said.
Mr. Taylor added that the "gas-fired recovery" was working.
"Business turnover in the manufacturing sector has now grown every
month for the past five months," he said.
SMH adds that the Australian Petroleum Production and Exploration
Association (APPEA), representing the oil and gas sector, said
Incitec's decision was a "matter entirely for them" but noted other
companies had managed to reach agreements.
"APPEA would also like to note that in nine consecutive reports
from the ACCC, it has been made very clear that there is no
shortfall in gas for the domestic market," the report quotes APPEA
chief Andrew McConville as saying.
"The Australian oil and gas industry will continue as it always has
to provide gas at commercial prices and volumes to domestic
manufacturers."
In a statement on Nov. 8, Incitec Pivot said it remained committed
to the Brisbane area and would continue to invest in its Gibson
Island distribution centre and search for opportunities to
"re-purpose the site for the future". The report says the company
is working on a study with billionaire Andrew Forrest's Fortescue
Metals Group exploring the prospect of manufacturing zero-emissions
ammonia at the site.
NATIONAL RENTAL: First Creditors' Meeting Set for Nov. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of National
Rental And Sales Pty Ltd, trading as Raine & Horne Cannington/NRAS,
will be held on Nov. 16, 2021, at 11:00 a.m. via virtual meeting
technology.
Stephen Dixon of Hamilton Murphy Advisory (WA) was appointed as
administrators of National Rental on Nov. 4, 2021.
[*] Australian Business Collapses Down 40% to Pre-Pandemic Levels
-----------------------------------------------------------------
SmartCompany reports that business collapses are down by more than
40% compared to before the pandemic, casting doubt over whether
changes to COVID-19 restrictions and business support will lead to
a dramatic insolvency cliff.
Tax office and Treasury data confirmed by SmartCompany show there
has been a 40% drop in external administrations this year compared
to the same period in the year before the COVID-19 crisis.
Between September 2020 to September 2021, 4219 companies entered
external administration, while 7552 companies entered external
administration between September 2018 and September 2019,
SmartCompany discloses.
But John Winter, chief executive of the Australian Restructuring
Insolvency and Turnaround Association (ARITA), said while small
businesses may have dodged the insolvency cliff for now, there will
be an uptick in company closures next year, SmartCompany relays.
"[Insolvencies] are not going to get back to those pre-COVID levels
until quarter two, maybe quarter three next year," the report
quotes Mr. Winter as saying.
SmartCompany says the federal government's emergency support
measures, such as JobKeeper and the Cashflow Boost, ended at the
start of the year, evolving into a mixture of state and federally
funded packages in response to Delta outbreaks in NSW and
Victoria.
Meanwhile, the temporary moratorium on insolvencies came to a close
and insolvency reforms kicked in from January, allowing businesses
with under $1 million in liabilities to continue trading while
restructuring debts, SmartCompany reports.
SmartCompany relates that Mr. Winter said a tidal wave of
insolvencies was expected in October last year, following the end
of the "extraordinary amount of stimulus" the government injected
into the economy.
When prolonged lockdowns in NSW and Victoria continued this year,
he adds, governments, banks and landlords extended support for
small businesses.
"So all of the impact that we foresaw being all at the same time
has been smoothed out quite radically," Mr. Winter said.
According to SmartCompany, Treasurer Josh Frydenberg told Today on
Nov. 8 that "economic recovery is on track", with jobs ads
increasing and unemployment at a 12-year low.
"Job ads are 30% higher than at the start of the pandemic and today
we have new Treasury and tax office data that shows that
insolvencies are 40% lower year-on-year," the report quotes Mr.
Frydenberg as saying.
SmartCompany relates that insolvency experts said a major
contributor to low rates of small business collapses is the
Australian Taxation Office (ATO) lenient debt collections efforts
over the past 18 months.
"The ATO has effectively not wound up more than a handful of
companies since the beginning of the pandemic, and it's normally in
the hundreds that they do every month," Mr. Winter said.
And without the ATO actively collecting business tax debts
"nobody's pushing businesses to look at their solvency", Mr. Winter
added.
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C H I N A
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AIRPOWER TECHNOLOGIES: Moody's Withdraws 'Ba2' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 corporate family
rating of AirPower Technologies Limited. The rating outlook prior
to the withdrawal was stable.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
AirPower Technologies Limited is one of the largest companies in
the independent on-site industrial gas market in China. As of
December 2020, the company had 100 gas production facilities in
operation and another 21 under development.
CHINA AOYUAN: Moody's Cuts CFR to B2, Under Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has downgraded China Aoyuan Group
Limited's corporate family rating to B2 from B1 and its senior
unsecured ratings to B3 from B2.
Moody's continues to place all the ratings on review for further
downgrade.
"The ratings downgrade reflects China Aoyuan's increased liquidity
risks, driven by its weakened access to funding and large near-term
debt maturities," says Celine Yang, a Moody's Vice President and
Senior Analyst.
"The review for downgrade reflects the uncertainty over the
company's ability to address all its near-term debt maturities amid
challenging funding conditions," adds Yang.
RATINGS RATIONALE
China Aoyuan's refinancing risk has increased, given its large
amount of offshore debt maturities over the next 6-12 months and
weakened funding access. Specifically, Moody's expects that China
Aoyuan will face difficulties in raising new funds from its
offshore funding channels to address its refinancing needs,
following its highly volatile offshore bond prices amid prevailing
tight funding conditions.
China Aoyuan will have sizable offshore bonds and loans maturing or
becoming puttable before the end of December 2022, including a
total of USD688 million offshore bonds maturing in January 2022 and
another USD200 million bonds becoming puttable in June 2022.
Moody's believes China Aoyuan will have to use its internal cash to
repay some of its maturing debt. This, in turn, will reduce its
operational and financial flexibility. The company also plans to
sell some of its assets to address its debt maturities, but the
timing and amount of asset disposals remains uncertain given the
weak market sentiment.
China Aoyuan had unrestricted cash of around RMB52.4 billion as of
the end of June 2021, compared with RMB52 billion of short-term
debt as of the same date. But it remains uncertain if the company
can fully utilize such cash resources for debt repayment. In
addition, the company has sizable exposures to its joint ventures
-- as demonstrated by its significant minority interest balance --
which could limit its ability to control its cash flow.
Moody's review will focus on (1) assessing China Aoyuan's access to
funding and its liquidity and refinancing risks -- specifically its
ability to address its maturing debt (including puttable bonds) in
a timely manner; and (2) the company's progress in generating cash
through asset disposals or other fundraising activities.
In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's concentrated
ownership by its key shareholders, Guo Zi Wen and Guo Zi Ning, who
held a total 55.3% stake in the company as of June 30, 2021.
Moody's has also considered the presence of internal governance
structures and disclosure standards, as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange. China Aoyuan has three special committees, namely an
audit committee, remuneration committee and nomination committee.
All three committees are either chaired or dominated by independent
nonexecutive directors and exercise supervision over the company.
Further, the company has a stable dividend policy, with a payout of
around 35%-40% of its net profit for the year attributable to
owners of the company over the past three years.
China Aoyuan's B3 senior unsecured rating is one notch lower than
the CFR to reflect structural subordination risk. Most of the
company's consolidated claims are at its operating subsidiaries,
which have priority over its senior unsecured claims at the holding
company in a bankruptcy scenario. Moody's expects the likely
recovery rate for claims at the holding company to be lower.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could confirm China Aoyuan's ratings if the company
improves its access to funding and liquidity, materially reduces
its refinancing risks and significantly lowers its debt to more
sustainable levels.
Moody's could downgrade China Aoyuan's rating if the company's
liquidity and refinancing risks heighten, access to onshore and
offshore funding weakens further, or if the company fails to
execute its asset disposals or other fundraising plans.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
China Aoyuan Group Limited is one of the leading property
developers in China focusing on the development of mass-market
properties. In March 2019, China Aoyuan spun off its property
management arm, Aoyuan Healthy Life Group Company Limited, which
was listed on the Hong Kong Stock Exchange.
CHINA EVERGRANDE: HK SFC Sees No Systemic Risk from Troubles
------------------------------------------------------------
Bloomberg News reports that Hong Kong's Securities and Futures
Commission sees no broader systemic risk from the troubles at China
Evergrande Group after keeping a close eye on the exposure of
brokers and banks, its chief executive officer said.
The financial watchdog has conducted frequent stress tests on its
regulated financial institutions to assess their risks and balance
sheet exposures "way before Evergrande," Ashley Alder told
reporters on Nov. 5, Bloomberg relays.
"We have looked very very carefully at the institutional level, in
particular exposures and expectations, in Hong Kong," he said,
Bloomberg relays. "So far we haven't seen anything that we would
see as being of systemic importance, or which would cause us
concerned as a systemic issue."
Bloomberg notes that property controls to stamp out speculation in
the housing market have weighed on China's indebted developers,
which are now seeing sales plunge and home prices snapping a
years-long streak of increases. China Evergrande and other
developers have missed debt payments, causing bond markets to
tumble even as mainland Chinese regulators have also said that
risks stemming from Evergrande are controllable, the report says.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.
S&P Global Ratings' rating for China Evergrande Group and its
subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding
Ltd. was lowered to 'CC' from 'CCC' last September 15, 2021. S&P
also lowered its long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.
CHINA EVERGRANDE: Some Investors Got no Interest Payment Due Nov. 6
-------------------------------------------------------------------
Reuters reports that some holders of offshore bonds issued by a
unit of developer China Evergrande Group had not received interest
payments due on Nov. 6 by Monday morning [Nov. 8] in Asia, two
people familiar with the matter said.
Reuters relates that Scenery Journey Ltd was due to make
semi-annual coupon payments on Nov. 6 worth a combined $82.49
million on its 13% November 2022 and 13.75% November 2023 U.S.
dollar bonds.
Non-payment of interest by Nov. 6 would have kicked off a 30-day
grace period for payment, the report notes.
Twice in October, Evergrande narrowly averted catastrophic defaults
on its $19 billion worth of bonds in international capital markets
by paying coupons just before the expiration of their grace
periods, Reuters recalls.
One such period expires on Nov. 10 for more than $148 million in
coupon payments that had been due on Oct. 11, Reuters says.
Evergrande is also due to make coupon payments totalling more than
$255 million on its June 2023 and 2025 bonds on Dec. 28.
Once China's top-selling developer, Evergrande has been reeling
under more than $300 billion in liabilities, and its liquidity woes
have reverberated across the country's $5 trillion property sector,
prompting a string of offshore debt defaults, credit rating
downgrades and sell-offs in the developers' shares and bonds in
recent weeks, according to Reuters.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.
S&P Global Ratings' rating for China Evergrande Group and its
subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding
Ltd. was lowered to 'CC' from 'CCC' last September 15, 2021. S&P
also lowered its long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.
FUJIAN YANGO: S&P Downgrades ICR to 'CCC-', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Fujian Yango Group Co. Ltd. to 'CCC-' from 'B', and the issue
rating on its senior unsecured notes to 'CC' from 'B-'.
The negative outlook reflects the increased risk that Fujian Yango
could default on its debt. This could occur due to a payment
default, or debt restructuring that S&P's could consider distressed
if its debtholders receive less than par.
S&P subsequently withdrew its 'CCC-' long-term issuer credit rating
on Fujian Yango Group Co. Ltd. at the company's request.
Fujian Yango's nonpayment risk has severely increased following its
listed subsidiary, Yango Group's proposed offer to exchange US$747
million of its senior notes into new notes due in September 2022.
Although S&P doesn't rate Yango Group, the exchange offer is likely
to be a de-facto distressed debt restructuring, given the company's
announcement on Nov. 1, 2021 said that the exchange is intended to
improve liquidity and avoid payment default. Yango Group's
financial-restructuring status essentially blocks the parent's
access to its cash flow and assets. Moreover, the property
subsidiary is the consolidated group's key credit driver, as well
as a means of refinancing or liquidity sources (e.g., asset
disposals). This despite a lack of contractual guarantee or
cross-default clause within either entity's debt instruments. As of
Sept. 30, 2021, Yango Group's total reported debt and total asset
represent 74% and 84% of Fujian Yango's, respectively.
Yango Group would highly likely default on its financial
commitments without successfully completing the exchange. Yango
Group's immediately readily cash at hand is not sufficient for
short-term debt servicing because most of the reported cash (about
Chinese renminbi [RMB] 27 billion) was restricted or pre-sales
regulated funds as of Sept. 30, 2021, according to the company's
debt exchange offer announcement. The reported cash level was
significantly down from about RMB50 billion as of end-2020.
Fujian Yango will need to rely more on other resources to cope with
its own debt maturities, including US$310 million (RMB2 billion)
offshore notes and RMB3.4 billion onshore public bonds due before
Oct. 2022.However, due to Yango Group's troubles, it's getting
increasingly unlikely that banks or other financial institutions
will extend financing to the parent Fujian Yango. Nonpayment risk
could materialize in a debt restructuring at the holding company
level as the holding company is likely to address its capital
structure and upcoming debt maturities. The holding company's cash
balance of about RMB2.8 billion (including liquid financial assets)
as of Sept. 30 will only be able to cover about 40% of its debt
maturities due in the next 12 months, from about 60% one year ago.
S&P now views Fujian Yango's liquidity as weak. On a consolidated
basis, it estimates liquidity sources will only be able to cover
50% of liquidity uses in the 12 months to Sept. 30, 2022, a level
we consider as weak. This is because most of the cash balance at
Yango Group is not actually accessible.
Furthermore, yields on Fujian Yango's senior notes jumped to
triple-digit or higher following Yango Group's announcement of an
exchange offer. Refinancing via new issuance is highly unlikely.
GUANGXI LIUZHOU: Fitch Affirms Then Withdraws 'BB' IDR
------------------------------------------------------
Fitch Ratings has affirmed Guangxi Liuzhou Dongcheng Investment
Development Group Co., Ltd.'s (LDID) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) and its USD300 million
7% bonds due 2022 at 'BB-'. The Outlook is Stable.
At the same time, Fitch has chosen to withdraw the ratings for
commercial reasons.
KEY RATING DRIVERS
'Very Strong' Status, Ownership and Control: LDID is fully owned by
Liuzhou municipality and registered as a limited liability company
under China's company Law. The government appoints most of LDID's
board, senior management and monitoring committee, closely monitors
its financing plans and debt and approves its major decisions and
projects. The company regularly reports its operational and
financial results to the government. The government says it does
not plan to dilute its shareholding in LDID.
'Strong' Support Record: Fitch regards LDID as a core
government-related entity (GRE) in Liuzhou and expect government
support to continue in the medium term. The government has provided
LDID with capital injections, land cost returns, project funds,
subsidies and income returns on state-owned asset operation.
Routine transfers and grants increased by 15% to CNY263 million in
2020, including CNY179 million received as deferred income for
services yet to be provided, while share transfers of other GREs
amounted to CNY409 million.
'Moderate' Socio-Political Implications of Default: LDID is the
sole urban developer for Liudong New District and is the city's
largest urban developer. It has a crucial role in Liudong's
development and urbanisation as well as the implementation of the
municipality's economic blueprint. Therefore, Fitch expects
reasonable government support via administrative and fiscal
measures to ensure the company's operational viability. However,
the government may appoint other policy GREs to act as substitutes,
if necessary.
'Strong' Financial Implications of Default: Fitch believes tighter
policies and the deterioration in the company's capital-market
access in recent years, stemming from the municipality's fiscal
weakness, may have contributed to higher funding costs. Fitch
expects these conditions to continue, potentially weakening LDID's
fund-raising capacity in the medium term.
However, Fitch believes LDID's financial failure would still have
'Strong' implications for the government, as it remains as the
municipality's largest GRE by assets. A failure by the government
to provide timely support to LDID, leading to a default by the
company, could imply the government is in financial difficulty and
hurt its credibility.
'b-' Standalone Credit Profile: LDID has a 'Weaker' financial
profile due to its increasing leverage. Operating revenue and
profitability fell in 2020 due to the pandemic-led economic
slowdown and lower government land sales. Weak cash generation led
to high net debt/Fitch-calculated EBITDA of 55x. Fitch expects
leverage to remain above 50x in the medium-term due to the
company's large capex plan.
Debt service coverage - measured by cash flow from operations/debt
repayment and interest payable - remained below 1x, with
fluctuating cash flow from operations. Fitch assesses LDID's
revenue defensibility at 'Midrange' under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria, as the company has a
diversified business profile with limited pricing ability. Fitch
also considers operating risk as 'Midrange' based on LDID's
predictable cost structure.
DERIVATION SUMMARY
Fitch assesses LDID's ratings under Fitch's GRE criteria,
reflecting Liuzhou municipality's strong control over the company
and the support provided. Fitch also factors in the socio-political
and financial implications for the government if LDID were to
default.
Fitch assesses LDID's SCP under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria, while the IDRs are
driven by the four GRE rating factors.
RATING SENSITIVITIES
Rating sensitivities do not apply as the ratings have been
withdrawn.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ISSUER PROFILE
LDID is the sole urban developer for Liudong New District of
Liuzhou municipality. The company is responsible for primary land
development, urban infrastructure development, investment and
management and other ancillary services in the area.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
WENS FOODSTUFF: Fitch LT Lowers Foreign Currency IDR to 'BB+'
-------------------------------------------------------------
Fitch Ratings has downgraded Chinese hog and broiler producer Wens
Foodstuff Group Co., Ltd.'s Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'BB+' from 'BBB-'. The Outlook is Negative.
The agency has also downgraded Wens' senior unsecured and US-dollar
note ratings to 'BB+', from 'BBB-'.
The downgrade reflects higher industry volatility than Fitch had
expected due to continued oversupply, with a prolonged price trough
that is below cost for most hog breeders in 3Q21 leading to
industry wide losses. This is coupled with Wens' recovering cost
position, which resulted in a surge in gross debt and a negative
operating margin in 9M21. Fitch adopts a through-the-cycle approach
and expects the industry supply imbalance to gradually improve in
2022.
The Negative Outlook reflects the company's uncertain
cost-reduction progress in 2022, which is critical for a recovery
in profitability and EBITDA generation.
KEY RATING DRIVERS
Oversupply Prolongs Trough: China's hog price trough exceeded
Fitch's previous forecasts, further declining to CNY11/kg by
end-3Q21 (end-June: CNY13/kg), due to production oversupply and
high import inventory. The price decline of over CNY20/kg in 9M21
far surpasses the industry's historical peak-trough spread of
within CNY10/kg. Domestic breeders sustained volume after expanding
in 2020 and 1H21, despite incurring losses. In addition, the hog
price has been below industry production costs since 2Q21. This is
unprecedented and has persisted for longer than Fitch expected.
Fitch forecasts continued pork oversupply for the next six months,
before easing in 2H22 on capacity exits, imports clearance and
stronger government intervention. Pork import volume has declined
since May, but is still above historical levels as some importers
have long-term purchase contracts.
Recovery Dependent on Costs: Fitch believes a lower cost position
will boost Wens' competitiveness and allow for a faster recovery
once the hog price recovers. Fitch forecasts 4Q21 operating EBITDA
to remain negative (9M21: -CNY4 billion) and for the EBITDA margin
to stay weak in 2022 before normalising in 2023, assuming a
mid-cycle price of around CNY16/kg. Wens aims to cut its hog full
cost to CNY17.4/kg by end-2021 and to CNY15.6/kg in 2022, from
CNY22/kg in 3Q21. A volume recovery and greater production
efficiency should help Wens normalise its cost position.
Debt Surge: Fitch expects sustained weak operating cash flow to
pressure Wens' leverage profile. Wens recorded CNY39 billion in
gross debt in end-3Q21, against around CNY20 billion in 2020. Fitch
will assess the trends of EBITDA and operating cash flow generation
from 2022 to determine the rating trajectory. Fitch expects a
mid-cycle FFO net leverage of close to 3.5x should the company
normalise its costs.
Capex Flexibility: Fitch believes Wens can curb capex from 4Q21 to
preserve cash flow. The company is likely to continue biological
asset replenishment through in-house production to boost
productivity. Wens spent around CNY11 billion in 9M21; half of this
amount was for fixed asset, mostly projects carried over from last
year. Fitch does not expect Wens to have immediate expansion needs,
as its capacity is more than sufficient to meet 2022 volume
targets.
Working Capital Inflow: Wens has proactively managed its working
capital to help pass through the industry downturn, but Fitch
expects the inflow to be short term, with reversals taking place
after the cycle trough. Wens reported an operating cash inflow of
CNY1.2 billion in 3Q21 following active working-capital management,
including extended payables. Fitch expects more working capital to
be deployed on inventory and the trend should reverse in the medium
term as Wens' herd size grows.
Market Position Maintained: Fitch believes some of Wens'
business-profile factors, such as market position and protein
diversification, remain competitive against peers. The company's
recovering volume in hog production and large broiler and waterfowl
business places it in a leading position in China animal-farming
industry. It has broad domestic coverage, but protein
diversification may carry less benefit during downcycles, as its
hog production scale greatly exceeds other segments.
DERIVATION SUMMARY
Wens' credit profile is comparable with 'BB' category protein
peers. Its business profile is as strong as that of Marfrig Global
Foods S.A. (BB/Positive), Minerva S.A. (BB/Stable) and BRF
S.A.(BB/Stable) for its normalised mid-cycle EBITDA generation,
broad coverage in domestic pork consumption and protein
diversification. Wens' mid-cycle leverage is comparable with these
'BB' category peers, but China's hog industry downturn and inflated
costs have pressured Wens' leverage profile, which justifies the
Negative Outlook.
Wens has a weaker financial profile than investment-grade protein
peers in China and globally, such as WH Group Limited
(BBB+/Stable), amid the inherent volatility of China's hog breeding
industry. Wens' normalised EBITDA, market position and protein
diversification between swine and poultry show some
investment-grade characteristics, but are offset by high leverage
and little margin stability amid the industry downturn.
KEY ASSUMPTIONS
-- Revenue to decline by more than 20% in 2021 due to a weak hog
price, before returning to 13%-20% growth in 2022-2024 amid a
volume and price recovery;
-- Operating EBITDA to turn negative in 2021, with its margin
returning to 4%-14% over 2022-2024;
-- Working capital flow turning positive in 2021 before reversing
amid herd size growth and payable reversals from 2022;
-- Capex intensity rate of 22% in 2021, before reducing to high
single-digits in 2022 on sow replenishment, breeding and
processing capacity;
-- No dividend to be paid until net income turns positive, with a
pay-out rate of 30%.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch may consider revising the Outlook to Stable if Wens
lowers its production costs and trends toward normalized
EBITDA generation by around 2H22.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Failure to reduce production costs in the next six-12 months;
-- FFO net leverage at above 3.5x beyond 2022;
-- Capex or dividend payments that are beyond Fitch's
expectation.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Banks Support During Trough: Fitch expects Wens to rely on bank
facilities during the industry downturn. The company had cash of
around CNY7.6 billion, interbank deposits of CNY565 million and
around CNY4 billion in bank wealth-management products at
end-September 2021. It reported short-term debt obligation of
CNY5.1 billion, which were primarily bank loans. Fitch believes the
company can roll these over due to its healthy banking
relationships.
The company's 3Q21 report showed that it borrowed gross debt of
CNY8.0 billion in the quarter, of which outstanding long-term bank
loan increased by CNY5.9 billion. Wens has limited capital market
debt maturities within one year, with the majority maturing or
becoming puttable from 2023. Fitch believes the company will have
sufficient time to repay or refinance the debt once the industry
recovers from its downcycle.
ISSUER PROFILE
Wens is one of the largest protein producers in China, focusing on
hog and broiler farming businesses. The company also operates other
poultry, diary production and animal farming-related businesses.
ESG CONSIDERATIONS
Wens has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy & Data Security due to weak operational
efficiency and a poor volume amid the African swine flu, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=========
I N D I A
=========
AIBEL APPARELS: CRISIL Hikes Rating on INR10cr Cash Loan to B-
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
Aibel Apparels (AA) to 'CRISIL B-/Stable' from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The upgrade reflects the track record of timely servicing of debt
obligations since July 28, 2021.
The rating continues to reflect the company's modest scale of
operations and weak financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters.
Analytical Approach
Unsecured loans of INR0.6 crore from promoters, as of 31st March
2021, have been treated as Neither Debt Nor Equity (NDNE). The same
is need-based and is expected to remain in the business over the
medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Intense competition may continue to
constrain scalability, pricing power, and profitability. Revenue
was modest at an estimated INR26 crore in fiscal 2021. Going
forward, the revenues are expected to remain flat due to muted
demand.
* Weak financial risk profile: The financial risk profile is
constrained by estimated high gearing of over 5 times as of March
31, 2021. Debt protection metrics were also weak with interest
cover of around 1.33 times in fiscal 2021.
Strength:
* Extensive experience of the promoters and established track
record: The company benefits from the promoter's experience of over
15 years in the readymade garments industry. The promoters are
successfully running another two companies in similar lines of
business and have established strong relationship with customers
and suppliers.
Liquidity: Stretched
With average month-end bank limits almost fully utilized, liquidity
is likely to remain under pressure over the medium term, mainly due
to large working capital requirements. Given the economic slowdown
because of Covid-19, sales have been modest resulting in lower than
expected profitability.
The company has confirmed to applying for one-time restructuring of
its bank facilities on 6th July 2021 under the restructuring scheme
as prescribed by the Reserve Bank of India (RBI), in June 2021. As
confirmed by the bank, the application has been accepted and
implemented on 28th July 2021. As terms of the OTR, accrued
interest on CC limits and term loan have been converted into FITL
and is to be repaid in 2 years, starting from April 2022.
Outstanding term loans have received moratorium till April 2023,
after which they are to be repaid in 2 years.
Outlook: Stable
AA is expected to benefit from the extensive experience of its
promoters and established relationships with customers over the
medium term.
Rating Sensitivity Factors
Upward Factors:
* Sustained improvement in scale of operations and sustenance of
operating margins at over 7%, leading to higher cash accruals
* Improvement in working capital cycle
Downward Factors:
* Decline in scale of operations or operating margins below 5%
leading to lower than expected cash accruals
* Any stretch in working in capital cycle
* Any large debt funded capital expenditure that leads to
deterioration of capital structure
Established as a proprietorship firm, in 2005, AA is engaged in the
manufacture of readymade garments. The company is promoted by Ms.
Linta Jose.
AMG ROTANA: CRISIL Withdraws B Rating on INR6cr Cash Debts
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
AMG Rotana Motor LLP at the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL Rating's policy on withdrawal of its rating
on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL B/Stable'; Rating
Withdrawn)
Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL B/Stable'; Rating
Withdrawn)
CRISIL Ratings has been consistently following up with AMG for
obtaining information through letters and emails dated October 20,
2021 and October 25, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMG. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on AMG is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
AMG to 'CRISIL B/Stable Issuer not cooperating'.
AMG was founded in December 2016, by Mr. Abdul with other 3
directors Mr. Abdul, Mr. Abdul Rehman, Mr. Aagishad. The company is
an authorized dealer of HYUNDAI passenger cars in Kutiadu,
Vadakara.
ANGELS PHARMA: CRISIL Raises Rating on INR21cr LT Loan to B+
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Angels Pharma India Private Limited (APIPL) to
'CRISIL B+/Stable' from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B+/Stable (Upgraded
from 'CRISIL D ')
Long Term Loan 21 CRISIL B+/Stable (Upgraded
from 'CRISIL D ')
Long Term Loan 5 CRISIL B+/Stable (Upgraded
from 'CRISIL D ')
Proposed Fund- 4 CRISIL B+/Stable (Upgraded
Based Bank Limits from 'CRISIL D ')
The rating upgrade reflects timely servicing of debt obligation
over the past three months. There has been improvement in business
risk profile marked by revenue of INR94.2 crore in fiscal 2021 from
INR12.5 crore in fiscal 2020. Financial risk profile has improved
with gearing of 1.9 times in fiscal 2021 from 3.3 times in fiscal
2020 and Debt protection metrics is comfortable with interest
coverage at 2.5 times in fiscal 2021 against 1.5 times in the
previous fiscal.
The rating also reflects modest scale of operations and exposure to
intense competition in the pharmaceutical industry. These
weaknesses are partially offset by promoter's extensive industry
experience and moderate financial risk profile.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operation: APIPLs business profile is constrained
by its scale of operations in the intensely competitive
manufacturing of pharmaceutical products. APIPL scale of operations
will continue to limit its operating flexibility. The company has
booked revenue of around INR94.2 crores in fiscal 2021 against
INR12.5 crore in the previous fiscal.
* Exposure to intense competition: The Indian bulk
drugs/formulations industry is highly fragmented. While there are a
large number of standalone bulk drug manufacturers, most
formulators are also backward integrated into bulk drug production.
Large players with the ability to develop new and complex products
have insulated their margins from pricing pressures. However, small
bulk drug/formulations players with older products in their
portfolio face pricing pressure and earn lower margins.
Strengths:
* Extensive experience of promoters in the pharmaceutical industry:
APIPL benefits from extensive industry experience of its promoters
in the pharmaceutical industry. The day-to-day operations are
managed by Mr. P Kasi Viswanadha Raju who has pharmaceutical
experience of more than a decade. CRISIL believes that the company
will benefit from extensive industry experience of the promoters
over the medium term.
* Moderate Financial risk profile: APIPL's financial risk profile
is marked by moderate net worth, capital structure and adequate
debt protection metrics. Net worth remains moderate at around
INR17.3 Cr as of March 31, 2021. Capital structure is marked by
gearing of 1.9 times as of March 31, 2021. Debt protection metrics
is marked by interest coverage of around 2.5 times and NCATD of 18%
for FY21.
Liquidity: Stretched
Average month-end bank limit utilization during the last 3 months
ended on September 2021 was moderate at less than 10%. Estimated
net cash accruals of INR5 crore in FY2022 is expected to remain
sufficient against repayment obligations of less than INR3.5 crore.
The current ratio remains modest at 0.83 times as of March 31,
2021.
Outlook: Stable
CRISIL believes APIPL will continue to benefit over the medium term
from the extensive industry experience of its promoters, and its
established relationship with customers.
Rating Sensitivity factors
Upward factors:
* Significant revenue growth with operating margin of more than
11%
* Improvement in working capital cycle and sustenance of capital
structure.
Downward factors:
* Significant decline in scale of operations leading to fall in
revenue by more than 20 percent or operating margin falling below
8%
* Substantial stretch in its working capital cycle or major
debt-funded capex impacting credit profile
Established in March 2016 as a private limited company, Angels
Pharma India Pvt Ltd (APIPL).
The company is engaged into manufacturing of APIs for various
Therapeutic Segments. The company has been acquired by Tagoor
Laboratories Pvt Ltd (TLPL) in the month of October 2020. APIPL is
now 100% subsidiary of Tagoor Laboratories Pvt Ltd (TLPL) and is
currently managed by P Kasi Viswanadha Raju.
C P SPONGE: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of C P Sponge
Iron Private Limited (CPSIPL) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPSIPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CPSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
CPSIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of CPSIPL continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
CPSIPL, which was set up in 2002, manufactures sponge iron. Its
facility at Durgapur, West Bengal, has an installed capacity of
60,000 metric tonnes per annum (MTPA).
DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divya Agro
Roller Flour Mills Private limited (DARFMPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 27, 2020, placed the
rating(s) of DARFMPL under the 'issuer non-cooperating' category as
DARFMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DARFMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021, and October 2, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
DARFMPL was incorporated on December 11, 2011, by Mr. Kapil Gupta,
Mr. Vishal Vijaywargi and Mr. Nandlal Vijaywargi for setting up a
manufacturing unit for the production of various grain-based flours
(viz, Maida, Suzi, Atta and Bran) with an installed capacity of
60,000 metric tonnes per annum. The total cost of the project was
about INR14.34 crore and the company had expected the unit to
achieve commercial operations in April 2015.
ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ellenabad
Steel Private Limited (ESPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 4, 2020, placed the
rating(s) of ESPL under the 'issuer non-cooperating' category as
ESPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ESPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 20, 2021, September 30, 2021, October 10, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ESPL an ISO 9001:2008 certified company was incorporated on July
27, 1994 by Mr. Shravan Garg and Mr. Lalit Jalan. The company is
engaged in manufacturing of Thermo Mechanical Treatment (TMT) bars,
Mild Steel angles, flats, Cold Twisted Bars (CTD) bars, round bars
and such other steel rolled products and markets under the brand
name of 'Om Durga'.
GEETHA WOOD: CRISIL Assigns B+ Rating to INR1.25cr New Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Geetha Wood Works (GWW).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Letter
of Credit 4.50 CRISIL A4 (Assigned)
Proposed Fund-
Based Bank Limits 1.25 CRISIL B+/Stable (Assigned)
Standby Overdraft
Facility 1 CRISIL B+/Stable (Assigned)
Working Capital
Demand Loan 0.25 CRISIL B+/Stable (Assigned)
The ratings reflect GWW's low operating margins due to trading
nature of the business, modest scale of operation, working capital
intensive operations and vulnerability of operating margin to
fluctuations in forex rates. These weaknesses are partially offset
by its extensive industry experience of the partners and moderate
financial risk profile.
Key Rating Drivers & Detailed Description
Weaknesses:
* Low operating margins due to trading nature of the business: The
small initial investment and the low complexity of operations have
resulted in existence of innumerable entities, much smaller in
size, leading to significant fragmentation and low operation
margins.
* Modest scale of operation: GWWs business profile is constrained
by its scale of operations in the intensely competitive Traders
industry. GWWs scale of operations will continue to limit its
operating flexibility.
* Working capital intensive operations: Gross current assets were
at 229-210 days over the three fiscals ended March 31, 2021. Its
intensive working capital management is reflected in its gross
current assets (GCA) of 229 days as of March 31, 2021 as against
over 125 days GCAs of some of its peers. its's large working
capital requirements arise from its high debtor and inventory
levels, which were around 164 days and 63 days, respectively in
fiscal 2021. It is required to extend long credit period.
Furthermore, due to its business need, it holds large work in
process inventory.
* Vulnerability of operating margin to fluctuations in forex rates:
Since majority of procurement comes from the international market,
any sharp fluctuation in forex rates affects procurement cost and
accruals. This exposes the operating margin to fluctuations in
forex rates.
Strengths:
* Extensive industry experience of the partners: The partners have
an experience of over 10 years in wood trader's industry. This has
given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers.
* Moderate financial risk profile: The capital structure and the
debt protection metrics are moderated. This is reflected through
the networth which was around INR2.35 crore as of March 31, 2021 as
against no external debt, other than a COVID loan that was availed.
The gearing was 0.55 times as of March 31, 2021 and the interest
coverage ratio was around 1.97 times for fiscal 2021.
Liquidity: Adequate
Bank limit utilization is moderate at around 75 percent for the
past twelve months ended September 2021. Cash accruals are expected
to be over INR0.22 crore which are sufficient against term debt
obligation of INR0.07-0.09 crore over the medium term.
Current ratio is moderate at 1.31 times on March 31, 2021.
Outlook: Stable
CRISIL Ratings believes GWW will continue to benefit over the
medium term from its longstanding relationships with principals and
experience of the management to mitigate the inherent risk in
trading business.
Rating Sensitivity factors
Upward factors:
* Sustenance of revenue growth and improvement in operating margins
to over 3.5%
* Sustenance of established relationship with major vendors
* Improvement in working capital cycle, with gross current assets
improve to 210 days
Downward factors:
* Considerable decline in revenues or operating margins to less
than 1.5%
* Stretch in working capital cycle or any large debt-funded capex,
weakening the financial risk profile
GWW was established as partnership firm. It is engaged in trading
and importer of teak logs, timbers etc. The firm is based in
Trichy- Tamilnadu and owned by Mr. Ramji Patel, Mr. Vijesh R Patel
and Mr. Mehul Pokar.
GOVERDHAN VERMA: CARE Reaffirms B+ Rating on INR10cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Goverdhan Verma Punjab Jewellers Private Limited (GVPJ), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 10.00 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of GVPJ continues to
remain constrained by its small and fluctuating scale of operations
coupled with low net worth base, thin profitability margins,
leveraged capital structure and weak debt coverage indicators. The
rating, further, continues to remain constrained by risk associated
with elongated inventory holding period, vulnerability of margins
to gold price fluctuations and competition from various organized
or unorganized players. The rating, however, continues to draw
comfort from experienced promoters coupled with long track record
of operations.
Rating Sensitivities
Positive Factors
* Consistent increase in scale of operations as marked by total
operating income of above INR60.00 crore.
* Improvement in the capital structure as marked by overall gearing
ratio of below 1.50x.
Negative Factors
* Elongation in the inventory holding period of more than 290
days.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small and fluctuating scale of operations coupled with low net
worth base: GVPJ's scale of operations continue to remain small as
evident from total operating income (TOI) and gross cash accruals
of INR20.91 crore and INR0.27 crore respectively in FY21 (refers to
the period April 1 to March 31; based on provisional results).
Furthermore, the company's net worth base also stood relatively
small at INR3.17 crore as of March 31, 2021. The small scale limits
the company's financial flexibility in times of stress and deprives
it of scale benefits. Moreover, GVPJ's scale of operations remained
declining for the period FY19-FY21 (refers to the period April 1 to
March 31). The same was mainly on account of lower sales coupled
with lockdown in the country in the wake of COVID-19. Further, the
company has achieved total operating income of ~Rs.7.85 crore
during 6MFY22 (refers to the period from April 1, 2021 to September
30, 2021; based on provisional results). Therefore, going forward,
it is imperative for the company to target new customers and
improve on its scale of operations.
* Thin profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the company
are directly associated with the designing aspect of the jewelry
and the contribution of sales from different type of jewelry in
that particular financial year. Normally high-end jewelry (designer
jewelry) fetches better margins. PBILDT
margin of the company improved and stood at 6.74% in FY21 as
against 4.43% in FY20 mainly on account of increase in sale of
high-end jewelry (designer jewelry). Thus, PAT margin also improved
and stood at 0.81% in FY21.
The capital structure of the company stood leveraged as on the past
three balance sheet dates ending March 31, '19-'21 on account of
higher debt levels against the net worth base to fund the working
capital requirements of the business. Overall gearing ratio stood
at 3.61x as of March 31, 2021 as against 3.30x as of March 31,
2020, mainly on account of higher utilization of working capital
borrowings as on balance sheet date.
Further, owing to high debt levels; the debt coverage indicators as
marked by interest coverage and total debt to GCA continue to
remain weak at 1.31x and 42.40x respectively, during FY21 as
against 1.34x and 42.19x respectively, during FY20.
* Elongated inventory holding period: Being a jewelry retailer, it
is critical for the company to provide a wide range designs to its
customers and to cater their immediate demand. This resulted in
significant finished goods inventory leading to high working
capital intensity of business operations. Further, the company
sells mainly on cash basis; however, to few known customers it
gives credit period of around a week. The company purchases gold
and other traded jewelry on cash or on advance basis and gems and
diamonds are generally bought on credit of around 1-2 months. The
average utilization of working capital limits of the company
remained almost 88% utilized for past 12 months period ending
September 2021.
* Vulnerability of margins to gold price fluctuations: The prices
of gold have experienced high volatility in the past. Therefore,
any adverse change in prices of the same is likely to have a
significant impact on margins of the players in the G&J industry.
Further, the high price gold can also have an adverse impact on the
demand for jewelry, thereby exposing the company to risk of decline
in sales volume. The risk is more evident now that the prices has
registered considerable
volatility and could leave the company carrying costly inventory in
case of sudden decline in prices. The sale of jewelry is at peak
level during the festive and wedding season in India. Moreover, due
to COVID-19 situation in the country, all celebrations are expected
to stay muted this year which may result a decline in the turnover
of the company.
* Competition from various organized or unorganized players: GVPJ
operates in the Gems & Jewellery (G&J) industry, which is a
fragmented industry with a high level of competition from both the
organized and unorganized sector. Currently, the organized
retailers account for less than 20% of the total jewelry retail
market. This is primarily because of the buyers' preference and
trust in their neighborhood goldsmith. Even the standardization of
designs is not possible due to varying local tastes. With presence
of various players, the same limits bargaining power which exerts
pressure on its margins.
Key Rating Strengths
* Experienced promoters coupled with long track record of
operations: GVPJ is a family-run business and its operations are
currently being managed by Mr. Sanjiv Verma, Mrs. Poonam Verma, Mr.
Sumit Verma and Mr. Shobhit Verma. Mr. Sanjiv Verma and Mrs. Poonam
Verma are graduates by qualification and holds experience of around
four decades in gems and jewelry industry through their association
with this entity and other associate concern "Punjab Jewellers"
(not operational now). They are well supported by Mr. Sumit Verma
and Mr. Shobhit Verma who are also graduates by qualification and
holds experience of nearly one and half decade in gems and jewelry
industry through their association with this entity.
Liquidity: Stretched
The liquidity position of the company remained stretched
characterized by tightly matched accruals vis-a-vis repayment
obligations and elongated inventory holding period. The company has
reported gross cash accruals to the extent of INR0.27 crore during
FY21 and is expected to generate envisaged GCA of INR0.28 crore for
FY22 against repayment obligations of Rs.0.23 crore. However, the
working capital limits are almost 88% utilized for the past 12
month's period ending September 2021. Further, the company has free
cash & bank balances which stood at INR0.44 crore as of March 31,
2021.
Delhi-based, Goverdhan Verma Punjab Jewellers Private Limited
(GVPJ) was incorporated in August 1992 as private limited company.
The company is currently being managed by Mr. Sanjiv Verma, Mrs.
Poonam Verma, Mr. Sumit Verma and Mr. Shobhit Verma. The company is
engaged in the manufacturing, designing and retail trading of gold,
diamond-studded gold jewelry and kundan studded gold jewelry
(necklaces, earrings, rings, pendants, bangles, etc.). The company
has one showroom located at South Extension, Delhi and sells the
same to retail customers. The company is having one associate
concern namely; "Regalia Jewels Private Limited" incorporated in
2005; engaged in the manufacturing, designing and retail trading of
gold and diamond jewelry.
GSS INFOTECH: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GSS Infotech
Limited (GSS; part of the GSS Group) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.25 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 49.40 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 7.35 CRISIL B/Stable (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with GSS for
obtaining information through letters and emails dated March 26,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GSS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSS continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
For arriving at its ratings, CRISIL Ratings has considered the
consolidated financials of GSS and its subsidiaries ' GSS Infotech
Inc., GSS IT Solutions Pvt. Ltd (India), GSS Healthcare IT
Solutions Pvt Ltd and its step-down subsidiaries GSS Infotech CT
Inc (formerly known as System Dynamix Corporation), Infovision
Technologies Inc, Infovista Technologies, Technovant Inc, GSS
Infotech NY Inc and Global Computronics Inc. However, GSS Infotech
NY Inc and Global Computronics Inc were sold on July 1, 2016 and
have not formed part of the financials of the group from that
date.
GSS, incorporated in 2003, is a CMMI Level 5 company and a provider
of information technology and IT-enabled solutions and services to
companies worldwide. The company was formerly known as GSS America
Infotech Ltd. and changed its name to GSS in March 2011. The day
to-day operations of the company are managed by Mr. Bhargav
Marepally. The company is listed on the Bombay Stock Exchange and
the National Stock Exchange.
JMT AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JMT Auto
Limited continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 32 CRISIL D (Issuer Not
Cooperating)
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 20 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 19 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 24 CRISIL D (Issuer Not
Cooperating)
Term Loan 40 CRISIL D (Issuer Not
Cooperating)
Term Loan 15 CRISIL D (Issuer Not
Cooperating)
Working Capital 8 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with JMT for
obtaining information through letters and emails dated March 31,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JMT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMT continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
JMT (formerly, Jamshedpur Metal Treat) was incorporated as a
private limited company in April 1987 to take over the business of
Metal Treat Company, an ancillary of Tata Motors Ltd ('CRISIL
AA-/Stable/CRISIL A1+') that manufactures auto components. It was
reconstituted as a public limited company in April 1992 and was
acquired by Amtek Auto Ltd (AAL) on June 29, 2013, which now holds
70.74% stake in it. The company acquired REGE Holding GmbH (REGE)
and Amtek Components Sweden through Amtek Machining systems Pte Ltd
in fiscal 2016. It has also formed a joint venture, Amtek Riken
Castings Pvt Ltd.
KAPILANSH DHATU: CRISIL Assigns B Rating to INR12cr Cash Debt
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
to the bank facilities of Kapilansh Dhatu Udyog Private Limited
(KDUPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL A4 (Assigned)
Cash Credit 12.0 CRISIL B/Stable (Assigned)
Letter of Credit 1 CRISIL A4 (Assigned)
Proposed Long Term
Bank Loan Facility 4.6 CRISIL B/Stable (Assigned)
Term Loan 10.9 CRISIL B/Stable (Assigned)
The ratings reflect exposure to intense competition and
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by the extensive experience of the
promoters in the pipes and fittings industry and the moderate
financial risk profile of the company.
Analytical Approach
CRISIL Ratings has taken a standalone view of the business and
financial risk profiles of KDUPL.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to intense competition: Intense competition constrains
scalability, as reflected in operating income of INR128.87 crore in
fiscal 2021, and limits profitability.
* Susceptibility to volatility in raw material prices:
Profitability remains susceptible to fluctuations in the prices of
key raw materials, pig iron and coal. The company does not have
price-escalation clauses in its contracts to shield its margin
against sharp rise in raw material prices. Over the five fiscals
through 2021, the operating margin has fluctuated between 2.7 and
5.2%.
Strengths:
* Extensive experience of the promoters in the pipes and fittings
industry: The promoters' experience of over 30 years and healthy
relationships with suppliers and customers will continue to support
the business.
* Moderate financial risk profile: Networth and gearing were
moderate at INR15.2 crore and 1.65 times, respectively, as of March
31, 2021, supported by healthy accretion to reserve. Debt
protection metrics were adequate, reflected in interest coverage
and net cash accrual to total debt ratios of 1.85 times and 0.08
time, respectively, in fiscal 2021.
Liquidity: Poor
Net cash accrual was INR1.9 crore in fiscal 2021 and is expected to
remain less than INR0.5 crore in fiscal 2022, which will be
insufficient to meet debt obligation. Bank limit utilization was
high at around 87% for the 12 months through September 2021.
Unencumbered cash balance was ~Rs 1 crore as of March 31, 2021.
Liquidity is supported by the promoters' commitment to infuse
need-based funds.
Outlook: Stable
CRISIL Ratings believes KDUPL will continue to benefit from the
extensive experience of the promoters.
Rating Sensitivity factors
Upward factors
* Increase in revenue and profitability leading to net cash accrual
of more than INR5 crore
* Improvement in the working capital cycle
Downward factors
* Decline in revenue or drop in operating margin below 1.5%
* Stretched working capital cycle or debt-funded capital
expenditure, resulting in material increase in debt
Incorporated in 1988 by the Mohta family members, KDUPL
manufactures centrifugally casted iron pipes and fittings.
Operations are managed by Mr Mukund Mohta. The manufacturing
facility is located on the outskirts of Nagpur, Maharashtra.
LEMIT PAPERS: CRISIL Assigns B Rating to INR100cr Loans
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Lemit Papers Llp (LPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 5 CRISIL B/Stable (Assigned)
Term Loan 75 CRISIL B/Stable (Assigned)
The rating reflects exposure to risks related to ongoing project,
susceptibility of its profitability to volatile raw material costs
and expected leveraged capital structure. These weaknesses are
partially offset by its extensive industry experience of the
promoters.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to risks related to ongoing project: LPL is expected to
commence its operations in July 2022. Demand risk is expected to be
low as firm is promoted by partners having extensive industry
experience in diversified business lines and in industrial papers.
Timely completion and successful stabilization of its operations of
the new unit will remain a key rating sensitivity factor.
* Expected leveraged capital structure: LPL is expected to have an
average financial risk profile with high gearing and moderate debt
protection metrics. The project is aggressively funded through a
debt equity ratio 1.5 times.
Strength:
* Extensive industry experience of the promoters: The promoters
have an experience of over 2 decades in ceramic tiles, wires,
aluminum plates and industrial paper industry. This has given them
an understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers.
Liquidity: Stretched
Liquidity profile is expected to be stretched with cash accrual
over INR4 crores with no repayment obligation in fiscal 2023 and
net cash accrual of INR14 crore which are sufficient against term
debt obligation of INR10 crore in fiscal 2024. In addition, it will
act as cushion to the liquidity of the company. Promoters will also
provide unsecured loans of INR8.42 crore to support the business
over the medium term.
Outlook: Stable
CRISIL believes that LPL will benefit over the medium term from its
promoter extensive industry experience.
Rating Sensitivity factors
Upward factors
* Commencement and stabilization of operations at its proposed
plant in time and reports significant revenue and profitability
with accruals of more than INR10 crore over the medium term
* Improvement in financial risk profile resulting in stronger
capital structure
Downward factors
* Faces a considerable delay in the commencement of its operations
* Significantly low revenue and operating margin
LPL is a Limited Liability Partnership incorporated on February 7,
2021. The firm is setting up a unit for manufacturing for duplex
paper boards. The firm will cater to end-use industries, such as
food & beverages, building & construction, cosmetics & personal
care automotive, and consumer durables, mainly in the domestic
market.
MAHADEO DALL: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahadeo
Dall Mill (MDM) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.90 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 20, 2020, placed
the rating(s) of MDM under the 'issuer non-cooperating' category as
MDM had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MDM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 6, 2021, October 16, 2021, October 26, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bhopal-based (Madhya Pradesh) MDM was established in 2002 as a
proprietorship firm, which was then reconstituted as a partnership
firm in 2010. MDM is managed by Mr. Narayan Sahu, Mr. Vinod Sahu,
Mr. Bhanu Sanhu and Mr. Tanish Sahu. The firm is into the business
of processing of pulses like moong dal, chana dal, tuar dal etc.
MDM procures the materials from the local anaj mandi and merchants,
post which it processes them and sells them to wholesalers in
states like Madhya Pradesh, Karnataka, Tamil Nadu etc. MDM has an
installed capacity of processing of 45,20,000 quintals per year
(including tuar dal, chana dal, moong dar and urad dal) as on March
31, 2018. Also, in February, 2018, MDM concluded a project for
processing moong dal.
MOBILE TELECOM: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mobile
Telecommunications Limited (MTL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 14 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MTL for
obtaining information through letters and emails dated March 31,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MTL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTL continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1995 by Mr Anil Ved Mehta, MTL manufactures and
trades in electronic hardware. It is listed on the Bombay Stock
Exchange.
MODERN STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Modern Steel
Limited (MSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 33 CRISIL D (Issuer Not
Cooperating)
Cash Credit 18.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7.15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 14.60 CRISIL D (Issuer Not
Cooperating)
Funded Interest 1.35 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 5.25 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 2.52 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 1.08 CRISIL D (Issuer Not
Term Loan Cooperating)
Letter of Credit 23.18 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 9.82 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 10.30 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3.05 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5.15 CRISIL D (Issuer Not
Cooperating)
Term Loan 21.65 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 8.63 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.1 CRISIL D (Issuer Not
Cooperating)
Working Capital 10.0 CRISIL D (Issuer Not
Term Loan Cooperating)
Working Capital 3.42 CRISIL D (Issuer Not
Term Loan Cooperating)
Working Capital 3.5 CRISIL D (Issuer Not
Term Loan Cooperating)
Working Capital 8 CRISIL D (Issuer Not
Term Loan Cooperating)
Working Capital 13.98 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with MSL for
obtaining information through letters and emails dated March 26,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MSL was set up in 1974 by Mr Amarjit Goyal. It is listed on the
Bombay Stock Exchange, and is managed by Mr Krishan Kumar Goyal,
son of Mr Amarjit Goyal. MSL manufactures low-alloy and
carbon-steel-rolled products for commercial vehicles, such as
trucks and tractors, passenger vehicles, two-wheelers, and
engineering companies.
MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Mysore
Paper Mills Limited (MPM) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 11.7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12.6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9.4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 21.68 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 12 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 7.07 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MPM for
obtaining information through letters and emails dated March 26,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MPM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MPML was founded in May, 1936 by the then Maharaja of Mysore
(Karnataka). Government of Karnataka, which acquired a controlling
stake in November 1977, held 64.7% of equity shares as on September
30, 2016; the remainder was held by financial institutions and the
general public.
MPML is an ISO-14001-certified company, producing newsprint,
writing and printing paper, and sugar at its plant at Bhadravati in
the Shimoga district of Karnataka.
PRACHAR COMMUNICATIONS: CARE Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prachar
Communications Private Limited (PCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 2, 2020, placed the
rating(s) of PCPL under the 'issuer non-cooperating' category as
PCPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 18, 2021, September 28, 2021, October 8, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Incorporated in the year 1993, Prachar Communications Private
Limited is involved in the business of advertising (television,
radio, press media and outdoor media on a national level). The
company has around 35 clientele that includes 42 product categories
and 75 brands. The company also has an in-house post-production
studio. Apart from editing, the company carries out sound recording
and dubbing for programs aired on various television and radio
media channels. The company is also involved in generation of
electricity through windmills at Panchpatta (Nashik, Maharashtra),
Jaisalmer (Rajasthan) and Nipaniya Shamgarh (Mandsaur, Madhya
Pradesh).
RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ruby Cables
Limited (RCL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.35 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.65 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RCL for
obtaining information through letters and emails dated March 31,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1993 as Ekank Cables Ltd by members of the Parekh
family, RCL got its present name in 2010, following a change in
management. The company manufactures conductors and low-tension
power cables at its facility in Vadodara (Gujarat). In fiscal 2014,
Mr S N Bhatnagar acquired 50% stake in the company. RCL is
currently managed by Mr Bhatnagar and Mr Chirag Gada. The company
is listed on Bombay Stock Exchange (BSE).
RUPAM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rupam
Industries (RI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.04 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 20, 2020, placed
the rating(s) of RI under the 'issuer non-cooperating' category as
RI had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 6, 2021, October 16, 2021, October 26, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Indore (Madhya Pradesh) based Rupam Industries (RI) was formed in
1969 as a proprietorship concern by Mr. Ramesh Chand Bansal and
carries the business of manufacturing and trading of HDPE and PVC
Pipes, Motor pumps and other agricultural allied instruments.
Further, in 2003, it converted into partnership concern and Mr.
Vinay Bansal and Ms Shashikala Bansal joined the firm as partners
with sharing profit & loss equally. Its manufacturers PVC and HDPE
pipes in different sizes from its manufacturing facility located at
New Siyaganj, Indore.
SHRE INTERNATIONAL: CRISIL Hikes Rating on INR6.2cr Loan to B-
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
Shre International (SI) to 'CRISIL B-/Stable' from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.2 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Funded Interest 0.74 CRISIL B-/Stable (Upgraded
Term Loan from 'CRISIL D')
Proposed Long Term 1.59 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 1.75 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Working Capital 1.72 CRISIL B-/Stable (Upgraded
Term Loan from 'CRISIL D')
The upgrade reflects the track record of timely servicing of debt
obligations since July 28th 2021.
The rating continues to reflect the company's modest scale of
operations and weak financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: SI's business profile is constrained
by its modest scale of operations as seen in estimated sales of
around INR28 crore in FY2021. The modest scale of operations
constrains bargaining power with customers and hence limits the
operating profitability. SI's scale of operations is expected to
remain modest over the medium term.
* Weak financial risk profile: SI's financial risk profile is weak
marked by estimated gearing and TOL TNW of over 3 and 3.5 times
respectively as of 31st March 2021. The company's debt protections
are also weak as indicated by estimated interest coverage and net
cash accrual to total debt (NCATD) ratio of less than 1.5 times and
0.05 times respectively for FY2021. SI's debt protection measures
are expected to remain at similar levels over the medium term.
Strength:
* Extensive experience of the promoters and established track
record: The partners have an experience of over 10 years in the
ready-made garment industry. This has given them an understanding
of the dynamics of the market, and enabled them to establish
lasting relationships with suppliers and customers.
Liquidity: Stretched
The company's bank limits have been almost fully utilized on
account of working capital intensive nature of operations. Given
the economic slowdown because of Covid-19, sales have been modest
resulting in lower than expected profitability.
The company has confirmed to applying for one-time restructuring of
its bank facilities on 6th July 2021 under the restructuring scheme
as prescribed by the Reserve Bank of India (RBI), in June 2021. As
confirmed by the bank, the application has been accepted and
implemented on 28th July 2021. As terms of the OTR, accrued
interest on CC limits and term loan have been converted into FITL
and is to be repaid in 2 years, starting from April 2022.
Outstanding term loans have received moratorium till April 2023,
after which they are to be repaid in 2 years.
Outlook: Stable
SI is expected to benefit from the extensive experience of its
promoters and established relationships with customers over the
medium term.
Rating Sensitivity Factors
Upward Factors:
* Sustained improvement in scale of operations and sustenance of
operating margins at over 7%, leading to higher cash accruals
* Improvement in working capital cycle
Downward Factors:
* Decline in scale of operations or operating margins below 5%
leading to lower than expected cash accruals
* Any stretch in working in capital cycle
* Any large debt funded capital expenditure that leads to
deterioration of capital structure.
SI was established in 2013.The company is engaged in the
manufacturing of readymade garments for kids. SI is owned & managed
by Shaju Thomas and Linta Jose.
SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreenidhi
Metals Private Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.22 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 20, 2020, placed
the rating(s) of SMPL under the 'issuer non-cooperating' category
as SMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SMPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 6, 2021, October 16, 2021, October 26, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Vadodara (Gujarat) based Shreenidhi Metals Private Limited (SMPL)
was incorporated in 2013 as a private limited company and is run by
Ms. Sadhna Maloo and Ms. Nikita Jain. The company is engaged into
manufacturing of aluminum circles and sheets, which find its
application in utensils industry and power sector with installed
capacity of 1800 MT per annum as on March 31, 2018. Plant of the
company is located at Waghodia, Gujarat.
SILVER OAK: CRISIL Withdraws B+ Rating on INR41.32cr Term Loan
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Silver Oak Shops and Office
Co-operative Housing Society Limited (SOL) to 'CRISIL B+/Stable
Issuer Not Cooperating'. However, management has shared the
information necessary for a comprehensive review of the ratings.
Consequently, CRISIL Ratings has migrated the rating to 'CRISIL
B+/Stable' and subsequently withdrawn the rating at the firm's
request and on receipt of 'no objection certificate' from its
banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 41.32 CRISIL B+/Stable (Migrated
and Withdrawn)
Key Rating Drivers & Detailed Description
Weakness:
* Exposure to high degree of regulation by governmental agencies;
Establishment and operations of higher educational institutions are
governed by various governmental and quasi-governmental agencies.
Hence, the trust will remain exposed to a highly regulated
environment.
* Leveraged capital structure: The capital structure is leveraged
with estimated gearing of 2 times as of 31st March 2021. Going
ahead is expected to improve going ahead on healthy accretion and
repayment of debt obligations
Strengths:
* Established position and extensive experience of trustees: The
society has been in the education sector for about more than 15
years and has established a robust position in the Sant Kabir Nagar
district of Uttar Pradesh by providing education across various
disciplines. The two-decade-long experience of the members and
their strong understanding of market dynamics should continue to
boost revenue growth. Funding support from the promoters where they
have extended unsecured loan.
Liquidity: Stretched
Liquidity is likely to remain stretched on account of term debt
obligations. However, there has been support from promoters in form
of unsecured loan to the tune of INR25 crore as of 31st March 2021.
New admissions pace will remain a key monitorable.
Outlook: Stable
CRISIL Ratings believes the SOL will continue to benefit from the
extensive experience of its promoters.
Rating Sensitivity Factors
Upward Factors
* Improvement in revenue by about 20 percent
* Improvement in capital structure
Downward Factors
* Decline in cash accruals by more than 20 percent
* Large debt-funded capex leading to weakening of capital
structure
Silver Oak, incorporated in 2006, manages Silver Oak College of
Engineering and Technology, Aditya Silver Oak Institute of
Technology (ASOIT), Silver Oak Institute and Silver institute of
design in Ahmedabad, Gujarat. The colleges offer professional
programs in engineering, technology, designing & financing.
SIVAGURU SPINNING: CRISIL Withdraws D Rating on INR15cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Sivaguru Spinning Mills Private Limited (SSMPL) on the request of
the company and after receiving no objection certificate from the
bank. The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.28 CRISIL D (ISSUER NOT
COOPERATING; Migrated from
'CRISIL D'; Rating Withdrawn)
Cash Credit 15.00 CRISIL D (ISSUER NOT
COOPERATING; Migrated from
'CRISIL D'; Rating Withdrawn)
Term Loan 3.34 CRISIL D (ISSUER NOT
COOPERATING; Migrated from
'CRISIL D'; Rating Withdrawn)
Working Capital 1.45 CRISIL D (ISSUER NOT
Demand Loan COOPERATING; Migrated from
'CRISIL D'; Rating Withdrawn)
CRISIL Ratings has been consistently following up with SSMPL for
obtaining information through letters and emails dated October 20,
2021 and October 25, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSMPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SSMPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
SSMPL to 'CRISIL D/CRISIL D Issuer not cooperating'.
SSMPL is owned and managed by Mr. Sivakumar. The firm is engaged in
manufacturing textile products such as recycled yarn, blended yarn,
cotton towel, gada cloth etc.
SPICEJET LIMITED: CRISIL Withdraws D Rating on INR500cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on bank facilities
aggregating to INR1225 crore of SpiceJet Limited on the request of
the company and after receiving no-objection certificate from the
bank. The rating action is in-line with CRISIL Ratings' policy on
withdrawal of ratings on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 500 CRISIL D (ISSUER NOT
COOPERATING; Migrated from
CRISIL D; Rating withdrawn)
Letter of Credit 50 CRISIL D (ISSUER NOT
COOPERATING; Migrated from
CRISIL D; Rating withdrawn)
Letter of Credit 220 CRISIL D (ISSUER NOT
COOPERATING; Migrated from
CRISIL D; Rating withdrawn)
Packing Credit in 350 CRISIL A4/Issuer Not
Foreign Currency Cooperating (Withdrawn)
Term Loan 75 CRISIL C (ISSUER NOT
COOPERATING; Migrated from
CRISIL C; Rating withdrawn)
Term Loan 250 CRISIL C (ISSUER NOT
COOPERATING; Migrated from
CRISIL C; Rating withdrawn)
CRISIL Ratings has been consistently following up with SpiceJet for
obtaining information through letters and emails dated August 18,
2021, September 1, 2021, October 9, 2021 and October 14, 2021 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive the required information which is
essential for it to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes the rating action on
SpiceJet is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
SpiceJet to 'CRISIL C/CRISIL A4/CRISIL D Issuer Not Cooperating'.
SpiceJet is promoted by Mr. Ajay Singh, who held ~60% stake in the
company as of March 31, 2021. It is a low-cost carrier and the
fourth largest airline in India by number of domestic passengers
carried.
Set up as an air taxi provider in 1984, it diversified into
domestic aviation services in 1993 and was renamed Modiluft Ltd in
1994. The company got its current name in 2005 when services were
relaunched after being shut down in 1996. SpiceJet operated its
first flight in May 2005. Mr. Kalanidhi Maran acquired controlling
stake in the company in June 2010, through the Sun group. The stake
was sold back to Mr. Ajay Singh in January 2015. The airline
operates a fleet of Boeing 737 and Bombardier Dash aircrafts.
For the three months ended June 30, 2021, the company reported
operating revenue of INR1,090 crore and net loss of INR729 crore,
against operating revenue of INR515 crore and net loss of INR593
crore in the corresponding period of the previous fiscal.
STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sturdy
Industries Limited (SIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 70 CRISIL D (Issuer Not
Cooperating)
Funded Interest 24 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 2.21 CRISIL D (Issuer Not
Term Loan Cooperating)
Letter of credit 141.90 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Proposed Cash 0.13 CRISIL D (Issuer Not
Credit Limit Cooperating)
Term Loan 18.60 CRISIL D (Issuer Not
Cooperating)
Working Capital 65.87 CRISIL D (Issuer Not
Term Loan Cooperating)
Working Capital 9.22 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with SIL for
obtaining information through letters and emails dated March 26,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has now combined the
business and financial risk profiles of SIL and Tirupati Aluminum
Ltd (TAL). This is because the management plans to merge the two
companies, together referred to herein as the Sturdy group, and in
2015-16 (refers to financial year, April 1 to March 31).
Established in 1995, SIL, promoted by Mr. Ramesh Guptamanufactures
polyvinyl chloride pipes and irrigation systems, aluminium
composite panels, and aluminium cables and conductors, and trades
in aluminium products. The company also has a plant for
manufacturing asbestos cement roofing sheets.
TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities and the
commercial paper of Tecpro Systems Limited (TSL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 215 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 205 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 285 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 110 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 560 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 75 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 200 CRISIL D (Issuer Not
Cooperating)
Cash Credit 475 CRISIL D (Issuer Not
Cooperating)
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Cash Credit 240 CRISIL D (Issuer Not
Cooperating)
Cash Credit 130 CRISIL D (Issuer Not
Cooperating)
Cash Credit 75 CRISIL D (Issuer Not
Cooperating)
Letter of credit 1,650 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
CRISIL Ratings has been consistently following up with TSL for
obtaining information through letters and emails dated October 11,
October 14, 2021 and October 18, 2021, among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to received any information on either the financial
performance or strategic intent of TSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSL
is consistent with 'Assessing Information Adequacy Risk'. Further,
the company is under liquidation as per NCLT order dated January
16, 2020. Therefore, on account of inadequate information and lack
of management cooperation, Based on the last available information,
the ratings on bank facilities and the commercial paper of TSL
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
TSL, incorporated in 1990, provides material handling (MH)
solutions on a turnkey basis for power, cement, coal storage, steel
and other metallurgical plants. Its projects involve designing,
engineering, manufacturing, supplying, erection and commissioning
of MH systems.
VBS TEXTILES: CRISIL Moves Various Debt Ratings to CRISIL B-
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of VBS Textiles Private Limited
(VTPL) to CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL Ratings is migrating the rating on
bank facilities of VBS from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating to 'CRISIL B-/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.25 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Cash Credit 3 CRISIL B-/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Term Loan 43 CRISIL B-/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
The company was under 'Issuer Not Cooperating' since August 2018
and post repetitive follow up, management has not shared
information about application of one-time restructuring (OTR).
However, during latest review, company along with banker have
confirmed that, one-time restructuring (OTR) scheme applied by VTPL
has been invoked in March 2021. As per contours of the final terms
and conditions of the OTR, term loan repayment expected to start
from April 2022. While OTR proposal was under consideration by the
bank, VTPL was servicing its debt obligation timely manner.
The rating reflects modest scale of operation, working capital
intensive operations and competition and susceptibility to
volatility in raw material prices. These weaknesses are partially
offset by its extensive industry experience of the promoters and
support from promoters in form of unsecured loans as quasi
capital.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operation: VBS's business profile is constrained
by its scale of operations in the intensely competitive Textile -
Weaving, Knitting and Processing industry. VBSs scale of operations
will continue to limit its operating flexibility. The company has
been unable to scale up its operations in hand with current up
moves in the industry. Crisil believes that overall revenue profile
of company will remain around INR34 Cr in fiscal 2022.
* Working capital intensive operations: Gross current assets were
at 194-266 days over the three fiscals ended March 31, 2021. Its
intensive working capital management is reflected in its gross
current assets (GCA) of 194.3 days as on March 31, 2021. Its's
large working capital requirements arise from its high debtor and
inventory levels. It is required to extend long credit period.
Furthermore, due to its business need, it holds large work in
process & inventory.
* Competition and susceptibility to volatility in raw material
prices: Competition is intense in the textile weaving industry due
to low entry barriers on account of limited capital and technology
requirements and little differentiation in end products. Moreover,
revenue and profitability will remain susceptible to fluctuation in
the prices of raw material: cotton and yarn. CRISIL Rating believes
that over the medium-term operating margin of firm will continue to
remain on lower side at 8% to 9% in FY 23 and FY 24.
Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over Around 2 decades in Textile - Weaving,
Knitting and Processing industry. This has given them an
understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers. Further
funding support coming from promoters in form of unsecured loans
will remain key rating supporting factor over the medium term.
Liquidity: Stretched
Liquidity is stretch with bank lines are utilized at around 80% for
the past twelve months ended August 2021. Net Cash accrual are
expected to be remain negative against term debt obligation of
INR3.6 crore over the medium term. The promoters have already
infused unsecured loans to the tune of INR6 crore as on September
2021 and are likely to extend further support in the form of equity
and unsecured loans to meet its working capital requirements and
repayment obligations. Negative net worth limits its's financial
flexibility and restrict the financial cushion available to the
company in case of any adverse conditions or downturn in the
business. The current ratio is moderate at 1.09 times on March 31,
2021.
Outlook: Stable
CRISIL Ratings believe VBS will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.
Rating Sensitivity factors
Upward factors:
* Improvement in TOL/ANW ratio below 1.50 times on sustained basis
* Improvement in net cash accruals
Downward factors:
* Elongation of working capital cycle with GCA over 300 days.
* Timely support not coming from promoters to support overall
liquidity profile
VTPL was incorporated in 2016. VTPL is owned & managed by Mr.
Sukoonbhai Vipoolbhai Shah, Mr. Chandubhai Narandas Patel, Ms.
Dhirenbhai Kiranbhai Shah, Ms. Shannaben Sukoonbhai Shah. VTPL is
engaged in processing, dyeing, and printing of fabric with majority
being job-work and is located in Narol, Ahmedabad.
VIN SEMICONDUCTORS: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Vin
Semiconductors Private Limited (VSPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 4.75 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 1.03 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with VSPL for
obtaining information through letters and emails dated October 18,
2021 and October 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of VSPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
VSPL, established in 2009, manufactures LED signage, lights, and
displays. Its facility is located in Bhiwandi, Maharashtra. VSPL is
promoted by Mr. Subash Pawar.
VUDDANDA SOLAR: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vuddanda
Solar Power Private Limited (VSPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.82 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from VSPPL to monitor the ratings
vide e-mail communications dated October 1, 2021, October 6, 2021,
October 11, 2021, October 12, 2021, October 13, 2021 among others
and numerous phone calls. However, despite our repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which, however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on VSPPL's bank facilities will
now be denoted as CARE D; Issuer Not cooperating.
Users of this rating (Including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account the ongoing delays in meeting debt
obligation on time due to stressed liquidity position on account of
net losses incurred by the company during review period coupled
with delay in realization of payments from its customers.
Detailed description of the key rating drivers
At the time of last rating on September 29, 2020 the following were
the rating strengths and weaknesses
Key rating weaknesses
* Ongoing delays due to stressed liquidity position and net losses:
The Company has ongoing delays in term loan installment repayments
along with servicing of interest obligations due to stressed
liquidity position on account of net losses incurred during review
period and delayed settlement of payments from APSPDCL. Limited
track record of operations with declining total operating income
(TOI) In FY20 (Prov.).
The company was incorporated in the year September 2013 and the
commercial operations started in October 2015 resulting to limited
track record of operations. FY17 was the first full year of
operations of the 3.3 MW solar power plant. The total operating
income of the company has decreased from INR3.42 crore in FY19 to
INR3.05 crore in FY20 (Prov.)
* Financial risk profile marked by negative net worth due to
year-on-year net loss incurred and weak debt coverage indicators:
The capital structure of the company marked by debt-equity and
overall gearing ratio remained leveraged due to negative tangible
net worth base at the back of net loss incurred during the review
period resulted in erosion of net worth. However, the total
debt/GCA and Interest coverage ratio of the company marginally
improved and stood 11.11x and 2.15x respectively in FY20 (Prov.)
due to decrease in debt levels relative coupled with decrease in
interest cost. The total debt /CFO also improved and stood at 4.57x
inFY20 (Prov.)
* Power Purchase Agreements (PPAs) having short-term open access
approval under third party sale agreements: The company has entered
power purchase agreement with four private players namely Bliss
Hotels Limited (one of the group entities), Bhimas Residency
Hotels, Thirumala Residency Hotels and Sri Vishnu Priya Hotels
Private Limited located in Thirupathi (Andhra Pradesh) from October
1, 2019, to August 31, 2020. However, renewal with above parties is
under process.
Key Rating Strengths
* Qualified and experienced promoters: VSP was established in the
year September 2013 and started its commercial operations in
October 2015 by Mr. M. Balakrishna Reddy as Managing Director and
Mr. Syamsundar Reddy as Director. The promoters of VSP have more
than 2 decades of experience in various business such as
hospitality, poultry, civil contractor and other industries.
* Satisfactory PBILDT margins with net loss during review period:
VSP has achieved satisfactory PBILDT margin in the range of 90%-92%
during FY19 to FY20 (Prov.) due to low operating expenses
associated with solar power plant. However, the company incurred
net loss during review period due to under absorption of financial
expenses and depreciation provisions. The company achieved cash
profit of INR1.50 crore in FY20 (Prov.) as compared to INR1.55
crore in FY19.
* Stable outlook of renewable power industry: In 2014, Government
of India (GoI) set an ambitious target of reaching 100 GW of solar
capacity by 2022. The target principally comprises of 40 GW of
Rooftop solar and 60 GW through Large and medium scale
grid-connected solar power projects against which total installed
solar power capacity stood at 28.18 GW as of March 31, 2019. India
has made tremendous progress in the recent past in developing a
renewable energy led power generation eco-system. Between
FY15-FY19, there was an almost 11-fold growth in installed solar
power capacity.
Liquidity: Poor
Poor liquidity marked by lower accruals when compared to repayment
obligations and low cash balance of INR0.05 crore as of March 31,
2020(Prov.). This could constrain the ability of the company to
repay its debt obligations on a timely basis. The company has
availed moratorium from March 2020 to August 2020.
Vuddanda Solar Power Private Limited (VSP) was incorporated in 2013
and promoted by Mr. M. Balakrishna Reddy along with his friends.
The first solar power project commissioned by VSP, of 3.3 MW power,
was installed on over 24 acres of land located Kothapalli, Near
Kalikiri, Chittoor District, Andhra Pradesh. FY17 was the first
full year of operations of the 3.3 MW plant. VSP has executed this
project under third-party open access agreement. The power is being
purchased by 4 customers located in Tirupathi (Andhra Pradesh). VSP
has entered Power Purchase Agreements (PPAs) with Bliss Hotels
Limited, Bhimas Residency Hotels, Thirumala Residency Hotels and
Sri Vishnu Priya Hotels Private Limited.
=========
J A P A N
=========
SOFTBANK GROUP: Unit Posts JPY825.1BB Loss in Qtr Ended Sept. 30
----------------------------------------------------------------
The Japan Times reports that SoftBank Group Corp. on Nov. 8
reported a record loss at its Vision Fund unit as the value of
public holdings like Coupang Inc. and Didi Global Inc. plunged.
The unit's loss in the three months through Sept. 30 was JPY825.1
billion ($7.3 billion), exceeding the JPY788.6 billion loss the
business posted amid pandemic-driven writedowns, The Japan Times
discloses. Overall, the Tokyo-based company had a net loss of
JPY397.9 billion in the period.
Masayoshi Son's Vision Fund has been a volatile contributor of
profit and loss since its creation in 2017. The first downturn
started in 2019 with Uber Technology Inc.'s disappointing public
debut and the implosion of WeWork, followed by the impact of the
coronavirus.
Then a global surge in technology shares boosted Vision Fund's
profit to new records for three consecutive quarters last fiscal
year, thanks to blockbuster listings by South Korean e-commerce
giant Coupang, U.S. delivery firm DoorDash Inc. and Chinese online
property platform KE Holdings Inc., the report says. Now the
plunging value of some of those companies and a tech sector
crackdown by Chinese regulators have once again pushed the business
into the red.
"If you look at the Vision Fund's performance so far this year,
pretty much everything they brought to market so far has lost money
since listing," The Japan Times quotes Kirk Boodry, an analyst at
Redex Research in Tokyo, as saying ahead of the earnings
announcement. "That's an incredibly poor track record. They have
been behind a lot of overpriced IPOs. It makes you wonder whether
this whole cycle of investing, taking the companies public and then
getting your money back is broken."
SoftBank's shares have slid about 24% this year, the report notes.
The report says the unrealized loss on valuation of public
companies totaled $17.7 billion in the quarter across SoftBank's
two Vision Funds. Coupang was responsible for $6.7 billion of the
loss. Two quarters earlier, the South Korean e-commerce leader
marked Son's best return since Alibaba Group Holding Ltd.'s listing
when it contributed $24.5 billion to Vision Fund's profit.
According to The Japan Times, SoftBank's portfolio of Chinese
startups was particularly hard-hit after the country's regulators
launched an offensive against the tech sector. Didi, whose debut at
the end of the previous quarter was one of the largest U.S.
offerings of the past decade, lost $6.1 billion in the quarter and
Uber-like trucking startup Full Truck Alliance Co. was down $1.2
billion.
KE Holdings Inc., which runs the Beike online property service,
lost $2.2 billion of value. The little-known Chinese startup handed
SoftBank an unrealized gain of $5.1 billion when it went public in
August 2020, pushing up Vision Fund profit to a new record in that
quarter. Even though the company has not been directly targeted by
regulators, its stock is down more than 70% from its peak and is
trading below the IPO price.
"The Chinese regulators have no incentive in clearing the air and
publicly signaling that the crackdown is over," Mr. Boodry said.
"This uncertainty over the future of China tech can go on for a
while."
The losses in the public portfolio were offset by JPY455.9 billion
of realized gains as SoftBank cashed in on some of its most
successful investments, the report relays. SoftBank sold $2.2
billion worth of DoorDash stock in August and raised about about
$1.69 billion from a sale of Coupang stock in September.
Son has also considerably scaled down his controversial program of
trading stocks and options, liquidating his entire stakes in
Amazon.com Inc., Taiwan Semiconductor Manufacturing Co. and PayPal
Holdings Inc. SoftBank held a total of $5 billion of "highly liquid
listed stocks," down from $13.6 billion at the end of the previous
quarter.
"For the next few quarters, we don't have very much to look forward
to in the Vision Fund business," Mr. Boodry, as cited by The Japan
Times, said. "Sure, there are some upcoming IPOs they can point to,
but it's just drowned out by all the negative noise. And none of
them are going to be as big as Didi."
=====================
N E W Z E A L A N D
=====================
AVANTI RMBS 2021-1: Fitch Affirms BB+ Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has upgraded seven classes of notes and affirmed
another 17 from four Avanti transactions. Fitch has also removed
the class C, D and E notes of Avanti RMBS 2019-1 Trust and class C,
E and F of Avanti RMBS 2020-1 Trust from Under Criteria Observation
(UCO), on which they were placed on 27 May 2021.
The transactions are backed by pools of first-ranking New Zealand
residential prime and non-conforming, full- and low-documentation
mortgage loans originated by Avanti Finance Limited. All notes were
issued by The New Zealand Guardian Trust Company Limited.
DEBT RATING PRIOR
---- ------ -----
Avanti RMBS 2018-1 Trust
A1 NZAUAD1001R6 LT AAAsf Affirmed AAAsf
A2 NZAUAD1002R4 LT AAAsf Affirmed AAAsf
B NZAUAD1003R2 LT AAAsf Affirmed AAAsf
C NZAUAD1004R0 LT AAAsf Affirmed AAAsf
D NZAUAD1005R7 LT AAAsf Affirmed AAAsf
Avanti RMBS 2019-1 Trust
A1 NZAVAD1007R1 LT AAAsf Affirmed AAAsf
A2 NZAVAD1008R9 LT AAAsf Affirmed AAAsf
B NZAVAD1009R7 LT AAAsf Affirmed AAAsf
C NZAVAD1010R5 LT AAAsf Upgrade A+sf
D NZAVAD1011R3 LT AA+sf Upgrade A-sf
E NZAVAD1012R1 LT AA+sf Upgrade A-sf
Avanti RMBS 2020-1 Trust
A1 NZAVAD1013R9 LT AAAsf Affirmed AAAsf
A2 NZAVAD1014R7 LT AAAsf Affirmed AAAsf
B NZAVAD1015R4 LT AAAsf Affirmed AAAsf
C NZAVAD1016R2 LT AA+sf Upgrade AAsf
D NZAVAD1017R0 LT A+sf Affirmed A+sf
E NZAVAD1018R8 LT A+sf Upgrade BBBsf
F NZAVAD1019R6 LT A+sf Upgrade BBB-sf
Avanti RMBS 2021-1 Trust
A1 NZAVAD1020R4 LT AAAsf Affirmed AAAsf
A2 NZAVAD1021R2 LT AAAsf Affirmed AAAsf
B NZAVAD1022R0 LT AAsf Affirmed AAsf
C NZAVAD1023R8 LT Asf Affirmed Asf
D NZAVAD1024R6 LT BBB+sf Upgrade BBBsf
E NZAVAD1025R3 LT BB+sf Affirmed BB+sf
TRANSACTION SUMMARY
For Avanti 2018-1, all notes were affirmed at their existing rating
of 'AAAsf'. For Avanti 2019-1, Fitch upgraded classes C, D and E
notes and affirmed the remaining three rated tranches (A1, A2 and
B) in the trust. For Avanti 2020-1, Fitch upgraded classes C, E and
F notes and affirmed the remaining four rated tranches (A1, A2, B
and D). For Avanti 2021-1, Fitch upgraded the class D notes and
affirmed the remaining five rated tranches (A1, A2, B, C and E).
For Avanti 2019-1 and 2020-1, the upgrades reflect the updated
assumptions under the APAC Residential Mortgage Rating Criteria,
published on 25 May 2021, a build-up of credit enhancement and the
stable performance despite higher arrears relative to comparable
lenders in Australia and New Zealand. They also capture the notes'
ability to withstand stresses at the higher rating levels and the
liquidity support available to cover interest shortfalls.
For Avanti 2021-1, the upgrade to the class D notes reflects that
the ratings are no longer constrained by the large obligor
concentration test due to loan payouts, which capped the rating at
'BBBsf' at the transaction's closing.
In all transactions, the notes subordinate to the class A2 pay
interest based on the notes' stated balance. Fitch's ratings
reflect the timely and ultimate payment of interest and its cash
flow model addresses the risk that interest may not be recovered in
scenarios where there are charge-offs. This is more conservative
than transaction documentation. All classes of notes can withstand
all relevant Fitch cash-flow modelling stresses.
The Stable Outlook on all the notes reflects Fitch's expectation of
recovering macroeconomic conditions in New Zealand in 2022, the
long-term view that the ratings are not susceptible to negative
rating action due to the strong level of subordination available at
each rating level, as well as structural features, which ensure
that credit enhancement continues to build during the pro rata
paydown.
KEY RATING DRIVERS
Resilient Asset Performance: The transactions' 30+ day arrears
ranged from 0.0% (Avanti 2021-1) to 5.6% (Avanti 2018-1) at
end-August 2021. The 90+ day arrears ranged from 2.41% for Avanti
2018-1 to 0% for all three remaining transactions. Arrears for some
transactions are above Fitch's Australia-based 2Q21 Dinkum RMBS
Index (30+ day arrears of 1.1% and 90+ day index of 0.7%) and
marginally above Fitch's 2Q21 Dinkum Non-conforming RMBS Index (30+
day arrears of 2.2% and 90+ day index of 0.8%).
Fitch's Dinkum Index is considered appropriate for the New Zealand
mortgage, despite being composed of Australian transaction
performance, given the similarities in the macroeconomic conditions
and mortgage markets of the two economies.
The four trusts include a large portion of non-conforming loans,
and therefore Fitch expects total arrears levels to be well above
Fitch's Prime Dinkum Index but below Fitch's Non-conforming Dinkum
Index. Arrears balances have largely decreased or remained stable
compared with the previous review and they have not translated into
any losses for any of the four trusts since closing. The arrears
above the index for the older transactions reflect the
transactions' low outstanding balances, which magnify the impact
each individual loan going into arrears can have on the pool
percentages.
For Avanti 2018-1, the 'AAAsf' weighted-average foreclosure
frequency (WAFF) is 20.4%, driven by the weighted-average (WA)
unindexed current loan/value ratio (LVR) of 59.4% and, under
Fitch's classification, non-conforming loans of 35.1%. The 'AAAsf'
WA recovery rate (WARR) of 71.5% is driven by the portfolio's WA
indexed scheduled LVR of 46.4%.
For Avanti 2019-1, the 'AAAsf' WAFF is 20.5%, driven by the WA
unindexed current LVR of 63.8% and, under Fitch's classification,
non-conforming loans of 40.6%. The 'AAAsf' WARR of 67.3% is driven
by the portfolio's WA indexed scheduled LVR of 50.3%.
For Avanti 2020-1, the 'AAAsf' WAFF is 21.0%, driven by the WA
unindexed current LVR of 67.4% and, under Fitch's classification,
non-conforming loans of 31.6%. The 'AAAsf' WARR of 59.6% is driven
by the portfolio's WA indexed scheduled LVR of 54.9%.
For Avanti 2021-1, the 'AAAsf' WAFF is 21.4%, driven by the WA
unindexed current LVR of 64.7% and, under Fitch's classification,
non-conforming loans of 33.4%. The 'AAAsf' WARR of 53.8% is driven
by the portfolio's WA indexed scheduled LVR of 61.4%.
Fitch re-classified loans which were either (i) previously
bankrupt, (ii) have a debt/income ratio of 8x or (iii) loans where
borrowers had a self-employment history of less than two years to
non-conforming in line with the origination guidelines of other
comparable lenders in the Australian and New Zealand market.
Credit Enhancement Supports Ratings: Full cash flow analysis was
performed for the four trusts and all notes passed all relevant
cash-flow modelling stresses at or above the ratings, and had
credit enhancement that supported the recommended ratings.
Structural features include a liquidity facility sized at 1.5% of
the total invested note balance for Avanti 2018-1, Avanti 2019-1
and Avanti 2020-1, and 1.0% of the total invested note balance for
Avanti 2021-1, that is available to cover shortfalls and strong
excess spread that is available to cover losses, across the four
transactions. Avanti 2018-1 also features a liquidity reserve fund
sized at 0.5% that is available to cover shortfalls on the class C
and D notes and further supports the transaction.
All transactions continue to build credit enhancement even during
the pro-rata period as they feature a reverse turbo paydown through
which the allocation for the lowest-rated note is re-distributed
reverse sequentially to the other notes. The interest rate applied
to the trust accounts is the one-month BKBM less 50 basis points
per annum and the notes can withstand all relevant Fitch stresses
applied in Fitch's cash-flow analysis at their current rating
levels.
Moderate Operational Risk: Avanti is a non-bank financial
institution with over 30 years of experience in origination,
underwriting, servicing and special servicing across various asset
classes in New Zealand. Fitch undertook an operational review and
found that the operations of the originator and servicer were
mostly comparable with market standards and that there were no
material changes that may affect Avanti's ongoing ability to
undertake origination, administration and collection activities.
The collections and servicing activities were not disrupted during
any of the coronavirus outbreaks, as staff can work remotely and
are able to access the disaster recovery site, if needed.
Fitch applied an originator adjustment of 1.05x to address specific
aspects that differ from market practices of other non-bank
lenders, which Fitch believes may affect the credit risk of the
transaction and assets, in line with previous analysis of Avanti
transactions.
Economic Rebound to Support Stable Outlook: Portfolio performance
is supported by New Zealand's management of Covid-19 and the
macro-policy response, which have facilitated a robust economic
recovery with Fitch forecasting growth in both 2021 and 2022
despite the recent re-introduction of lockdown measures. This will
support the Stable Outlook on the rated notes.
Rated Above Sovereign Local-Currency IDR: Structured finance notes
can be rated up to six notches above New Zealand's Local-Currency
Issuer Default Rating (IDR) of 'AA+', supporting the 'AAAsf' rating
on the class A notes.
Limited Ability to Reprice Mortgages Drives the Rating: The Avanti
2018-1 trust has an ESG Relevance Score of '4' for Exposure to
Social Impacts and the Avanti 2019-1 and Avanti 2020-1 trusts have
a score of '5', because Fitch's cash flow analysis considers the
limited ability of the mortgage lender to reprice loans in these
portfolios as a result of borrowers paying above-market rates.
Fitch's cash-flow model assumption has a negative impact on the
credit profiles and is highly relevant to the ratings. Fitch
applied a threshold margin of 0% for Avanti 2018-1 and Avanti
2019-1 and 0.5% for Avanti 2020-1 to reflect the level of
comparability of each portfolio to market rates.
The Avanti 2019-1 and Avanti 2020-1 trusts' score of '5' is due to
the limited ability of the mortgage lender to reprice loans
upwards. This assumption is relevant to the ratings as a sole
factor. Avanti 2018-1 trust's score of '4' is due to the limited
ability of the mortgage lender to reprice loans upwards. This has a
negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors. Avanti 2021-1 has an ESG
Relevant Score of '3' for Exposure to Social Impacts, in line with
Fitch's baseline assumption, given the portfolio rates of this
trust are more comparable to market rates. Fitch applied the
threshold margin of 2% for this trust, in line with the APAC RMBS
rating criteria.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A longer pandemic than Fitch expects that leads to
deterioration in macroeconomic fundamentals and consumers'
financial positions in New Zealand beyond Fitch's baseline
scenario. Available credit enhancement is not sufficient to
compensate for the higher credit losses and cash flow
stresses, all else being equal.
-- Fitch conducted sensitivity analysis by increasing gross
default levels and decreasing recovery rates over the life of
the transaction.
Downgrade Sensitivities:
Avanti 2018-1
-- Class A1 / A2 / B / C / D
-- Current rating: AAAsf / AAAsf / AAAsf / AAAsf / AAAsf
-- Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AAAsf /
AAAsf
-- Increase defaults by 30%: AAAsf / AAAsf / AAAsf / AAAsf /
AAAsf
-- Decrease recoveries by 15%: AAAsf / AAAsf / AAAsf / AAAsf /
AAAsf
-- Decrease recoveries by 30%: AAAsf / AAAsf / AAAsf / AAAsf /
AAAsf
-- Increase defaults by 15%; decrease recoveries by 15%: AAAsf /
AAAsf / AAAsf / AAAsf / AAAsf
-- Increase defaults by 30%; decrease recoveries by 30%: AAAsf /
AAAsf / AAAsf / AAsf / AAsf
Avanti 2019-1
-- Class A1 / A2 / B / C / D / E
-- Current rating: AAAsf / AAAsf / AAAsf / AAAsf / AA+sf / AA+sf
-- Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AAAsf /
AA+sf / AAsf
-- Increase defaults by 30%: AAAsf / AAAsf / AAAsf / AA+sf / AAsf
/ AA-sf
-- Decrease recoveries by 15%: AAAsf / AAAsf / AAAsf / AAAsf /
AA+sf / AAsf
-- Decrease recoveries by 30%: AAAsf / AAAsf / AAAsf / AA+sf /
AA-sf / A+sf
-- Increase defaults by 15%; decrease recoveries by 15%: AAAsf /
AAAsf / AAAsf / AA+sf / AA-sf / A+sf
-- Increase defaults by 30%; decrease recoveries by 30%: AAAsf /
AAAsf / AA+sf / AAsf / Asf / A-sf
Avanti 2020-1
-- Class A1 / A2 / B / C / D / E / F
-- Current rating: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / A+sf /
A+sf
-- Increase defaults by 15%: AAAsf / AAAsf / AA+sf / AA-sf / Asf
/ A-sf / A-sf
-- Increase defaults by 30%: AAAsf / AAAsf / AA+sf / A+sf / A-sf
/ A-sf / BBB+sf
-- Decrease recoveries by 15%: AAAsf / AAAsf / AAAsf / AAsf / Asf
/ A-sf / A-sf
-- Decrease recoveries by 30%: AAAsf / AAAsf/ AA+sf / AA-sf /
A+sf / BBB+sf / BBBsf
-- Increase defaults by 15%; decrease recoveries by 15%: AAAsf /
AAAsf/ AA+sf / AA-sf/ A-sf / BBB+sf/ BBB+sf
-- Increase defaults by 30%; decrease recoveries by 30%: AA+sf /
AA+sf / AAsf / Asf / A-sf / BB+sf / BB+sf
Avanti 2021-1
-- Class A1 / A2 / B / C / D / E
-- Current rating: AAAsf / AAAsf / AAsf / Asf / BBB+sf / BB+sf
-- Increase defaults by 15%: AA+sf/ AA+sf / AA-sf / A-sf / BBBsf
/ BB+sf
-- Increase defaults by 30%: AA+sf / AA+sf / A+sf / BBB+sf /
BBBsf / BBsf
-- Decrease recoveries by 15%: AA+sf / AA+sf / AA-sf / A-sf /
BBBsf / BBsf
-- Decrease recoveries by 30%: AA+sf / AA+sf / A+sf / BBB+sf /
BB+sf / BB-sf
-- Increase defaults by 15%; decrease recoveries by 15%: AA+sf /
AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf
-- Increase defaults by 30%; decrease recoveries by 30%: A+sf /
A+sf / A-sf / BBB-sf / BB-sf / Bsf
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Macroeconomic conditions, loan performance and credit losses
that are better than Fitch's baseline scenario or sufficient
build-up of credit enhancement that would fully compensate for
the credit losses and cash flow stresses commensurate with
higher rating scenarios, all else being equal.
Upgrade Sensitivity:
Upgrade sensitivity is not relevant for all classes of notes Avanti
2018-1, the class A1, A2, B and C notes from Avanti 2019-1, the
class A1, A2, and B notes Avanti 2020-1 and the class A1 and A2
notes from Avanti 2021-1 as they are rated 'AAAsf'.
Avanti 2019-1
-- Class D / E
-- Current rating: AA+sf / AA+sf
-- Decrease defaults by 15%; increase recoveries by 15%: AAAsf /
AAAsf
Avanti 2020-1
-- Class C / D / E / F
-- Current rating: AA+sf / A+sf / A+sf / A+sf
-- Decrease defaults by 15%; increase recoveries by 15%: AAAsf /
AA+sf / AA+sf / AAsf
Avanti 2021-1
The ratings on the class E notes are constrained by the large
obligor concentration test that limits the rating at their current
ratings, one-notch lower than the model implied ratings.
Prepayments to the loans with the largest obligor exposure, which
result in the notes passing Fitch's concentration test, could lead
to positive rating action for the notes, all else being equal.
-- Class B / C / D / E current rating: AAsf / Asf / BBB+sf /
BB+sf
-- Decrease defaults by 15%; increase recoveries by 15%: AAAsf /
AAsf / Asf / BBB+sf
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions.
Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available for these transactions.
As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Avanti 2018-1 trust has an ESG Relevance Score of '4' for Exposure
to Social Impacts due to the limited ability of the mortgage lender
to reprice loans upwards, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.
Avanti 2019-1 and Avanti 2020-1 trusts have an ESG Relevance Score
of '5' for Exposure to Social Impacts due to the limited ability of
the mortgage lender to reprice loans upwards, which has a negative
impact on the credit profile, and is highly relevant to the
ratings.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
COBBLESTONE CHARM: Court to Hear Wind-Up Petition on Nov. 16
------------------------------------------------------------
A petition to wind up the operations of Cobblestone Charm (2007)
Limited will be heard before the High Court at Rotorua on Nov. 16,
2021, at 10:00 a.m.
Commissioner of Inland Revenue filed the petition against the
company on Aug. 25, 2021.
The Petitioner's solicitors are T. Saunders.
GARY FRISBY: Court to Hear Wind-Up Petition on Nov. 16
------------------------------------------------------
A petition to wind up the operations of Gary Frisby Limited will be
heard before the High Court at Rotorua on Nov. 16, 2021, at 10:00
a.m.
Commissioner of Inland Revenue filed the petition against the
company on Aug. 24, 2021.
The Petitioner's solicitors are T. Saunders.
MUFFLER SHOP: Creditors' Proofs of Debt Due Dec. 8
--------------------------------------------------
Creditors of Muffler Shop West Coast Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 8,
2021, to be included in the company's dividend distribution.
Wendy Somerville and Malcolm Hollis of PwC were appointed joint and
several liquidators of the company by the High Court at Greymouth
on Nov. 1, 2021.
The company's liquidators can be reached at:
Wendy Somerville
Malcolm Hollis
PwC
PO Box 13244
City East, Christchurch 8141
New Zealand
NEW LEVEL: Creditors' Proofs of Debt Due Dec. 2
-----------------------------------------------
Creditors of New Level Solutions Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 2,
2021, to be included in the company's dividend distribution.
The company's shareholders appointed Kelera Nayacakalou as
liquidator on Nov. 2, 2021.
=================
S I N G A P O R E
=================
EAGLE HOSPITALITY: Court Okays Bankruptcy Plan for Creditor Vote
----------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the bankruptcy court has
approved Eagle Hospitality's bankruptcy plan for creditor vote.
Eagle Hospitality Real Estate Investment Trust's bankrupt U.S.
units won court approval to solicit votes on a creditor-backed plan
to liquidate, following sales of its hotels.
EHT US1 Inc. and 26 other Eagle subsidiaries, whose plan
disclosures were approved Thursday, November 4, 2021, temporarily
beat an objection from the U.S. Trustee's Office over proposed
liability releases for a creditor, Bank of America.
The company put forward a Chapter 11 plan following sales of 14 of
its 15 hotel properties for about $482 million.
Under the proposed plan, secured lenders agreed to limit their
claims in the bankruptcy to $380.5 million.
About Eagle Hospitality Group
Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.
EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.
EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.
The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI
CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY
LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware
counsel. RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and
WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is
the claims agent.
HAN TCM: Court to Hear Wind-Up Petition on Nov. 26
--------------------------------------------------
A petition to wind up the operations of Han TCM Medical Pte Ltd
will be heard before the High Court of Singapore on Nov. 26, 2021,
at 10:00 a.m.
Lin Qing filed the petition against the company on Nov. 2, 2021.
The Petitioner's solicitors are:
Bih Li & Lee LLP
1 Coleman Street #10-07
The Adelphi
Singapore 179803
PARK HOTEL: Court to Hear Wind-Up Petition on Nov. 19
-----------------------------------------------------
A petition to wind up the operations of Park Hotel CQ Pte Ltd will
be heard before the High Court of Singapore on Nov. 19, 2021, at
10:00 a.m.
Park Hotel Management Pte Ltd. filed the petition against the
company on Oct. 25, 2021.
The Petitioner's solicitors are:
Allen & Gledhill LLP
One Marina Boulevard #28-00
Singapore 018989
RAFFLES GEOSYSTEMS: Creditors' Meeting Set for Nov. 17
------------------------------------------------------
Creditors of Raffles Geosystems Pte Ltd will hold a meeting on Nov.
17, 2021, at 4:00 p.m., via electronic means.
Agenda of the meeting includes:
a. to receive a copy of the statement of the Company's affairs
together with a list of creditors and the estimated amounts
of their claims;
b. to nominate Liquidator(s) or confirm members' nomination of
Liquidator;
c. to fix the remuneration of the liquidator(s) based on his
normal scale of fees carrying out the assignment plus
disbursements and be paid out of the Company's assets; and
d. appoint a Committee of Inspections to act with the
liquidator(s) and to review the appointment of such
committee of any persons nominated by the Company.
Mr. Sam Kok Weng of PricewaterhouseCoopers Advisory Services was
appointed as the Provisional Liquidator of the company on Nov. 5,
2021.
The Provisional Liquidator can be reached at:
Mr. Sam Kok Weng
PricewaterhouseCoopers Advisory Services
7 Straits View, Marina One
East Tower, Level 12
Singapore 018936
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Nov. 1, 2021 to Nov. 5, 2021
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.15
ACN 113 874 712 PTY L 13.25 02/15/18 USD 0.15
CLIME CAPITAL LTD/FUN 6.25 11/30/21 AUD 0.97
COMMONWEALTH BANK OF 3.30 08/26/50 AUD 70.39
GLENNON SMALL COS LTD 5.60 09/30/30 AUD 10.50
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 8.00
VIRGIN AUSTRALIA HOLD 7.88 10/15/21 USD 8.15
VIRGIN AUSTRALIA HOLD 8.25 05/30/23 AUD 7.07
VIRGIN AUSTRALIA HOLD 8.08 03/05/24 AUD 6.52
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 7.25
VIRGIN AUSTRALIA HOLD 8.13 11/15/24 USD 7.95
VIRGIN AUSTRALIA HOLD 8.00 11/26/24 AUD 7.15
CHINA
-----
AKESU DISTRICT GREEN 4.09 03/11/23 CNY 39.73
AKESU DISTRICT GREEN 4.09 03/11/23 CNY 39.89
AKESU TEXTILE CITY DE 7.50 06/21/24 CNY 59.39
AKESU TEXTILE CITY DE 7.50 06/21/24 CNY 60.99
AKESU XINCHENG ASSET 6.40 04/20/22 CNY 20.15
AKESU XINCHENG ASSET 6.40 04/20/22 CNY 20.24
ALTAY PREFECTURE STAT 4.85 01/22/23 CNY 36.00
ALTAY PREFECTURE STAT 4.85 01/22/23 CNY 39.87
AN SHUN YU KUN REAL E 5.48 11/10/21 CNY 39.60
ANHUI DANGTU ECO DEVE 6.00 09/11/24 CNY 60.00
ANHUI DANGTU ECO DEVE 6.00 09/11/24 CNY 62.30
ANHUI HUAAN FOREIGN E 7.30 07/13/21 CNY 70.01
ANHUI HUAINING URBAN 5.80 08/28/24 CNY 60.00
ANHUI HUAINING URBAN 5.80 08/28/24 CNY 60.77
ANHUI JIANGNAN INDUST 4.76 07/08/23 CNY 39.63
ANHUI JIANGNAN INDUST 4.76 07/08/23 CNY 39.75
ANHUI LEXING CITY CON 6.05 11/01/24 CNY 60.70
ANHUI LEXING CITY CON 6.05 11/01/24 CNY 62.49
ANJI NORTHWEST DEVELO 5.90 07/18/23 CNY 40.19
ANJI NORTHWEST DEVELO 5.90 07/18/23 CNY 40.40
ANLU CONSTRUCTION DEV 5.45 06/15/23 CNY 40.08
ANNING DEVELOPMENT IN 8.80 09/11/25 CNY 66.00
ANQING ECONOMIC&TECHN 4.09 03/09/23 CNY 40.05
ANQING ECONOMIC&TECHN 4.09 03/09/23 CNY 40.22
ANQING URBAN CONSTRUC 6.01 04/27/22 CNY 20.00
ANQING URBAN CONSTRUC 6.01 04/27/22 CNY 20.13
ANQING WANJIANG HIGH 6.50 08/02/24 CNY 58.10
ANQING WANJIANG HIGH 6.50 08/02/24 CNY 60.00
ANQIU HUAAN STATE OWN 7.00 09/14/24 CNY 59.27
ANSHUN CITY CONSTRUCT 7.30 09/15/24 CNY 47.01
ANSHUN CITY CONSTRUCT 7.30 09/15/24 CNY 48.00
ANSHUN CITY XIXIU IND 7.90 11/15/25 CNY 75.00
ANSHUN STATE-RUN ASSE 4.48 07/18/23 CNY 35.73
ANSHUN STATE-RUN ASSE 4.48 07/18/23 CNY 37.89
ANSHUN TRANSPORTATION 7.50 10/31/24 CNY 54.59
ANSHUN XIXIU CITY INV 4.70 11/22/23 CNY 52.36
ANSHUN XIXIU CITY INV 4.70 11/22/23 CNY 59.81
AOYUAN CORP GROUP LTD 5.50 03/03/25 CNY 28.10
BAOJI INVESTMENT GROU 5.05 04/18/24 CNY 61.07
BAOTOU AFFORDABLE HOU 5.25 07/27/24 CNY 60.55
BAOTOU AFFORDABLE HOU 5.25 07/27/24 CNY 61.60
BAOTOU AFFORDABLE HOU 5.31 08/10/24 CNY 60.61
BAOTOU CITY SCIENCE E 6.48 03/25/22 CNY 20.05
BAOTOU CITY SCIENCE E 6.48 03/25/22 CNY 20.05
BAOYING CITY CONSTRUC 4.50 03/24/23 CNY 39.81
BAOYING CITY CONSTRUC 4.50 03/24/23 CNY 40.36
BAOYING COUNTY DEVELO 5.45 08/21/24 CNY 60.01
BAOYING COUNTY DEVELO 5.45 08/21/24 CNY 61.36
BAOYING COUNTY DEVELO 5.49 10/17/24 CNY 61.55
BAYAN ZHUOER HETAO WA 8.54 03/31/22 CNY 15.15
BAZHONG STATE-OWNED A 5.13 12/02/22 CNY 39.24
BAZHONG STATE-OWNED A 5.13 12/02/22 CNY 39.40
BAZHOU GUOHUI CONSTRU 6.08 06/19/24 CNY 61.11
BAZHOU GUOHUI CONSTRU 6.08 06/19/24 CNY 61.40
BEIJING FUTURE SCIENC 4.20 08/13/22 CNY 20.04
BEIPIAO CITY CONSTRUC 6.70 03/25/23 CNY 38.83
BEIPIAO CITY CONSTRUC 6.70 03/25/23 CNY 40.60
BENGBU ECONOMIC DEVEL 6.45 07/13/24 CNY 59.65
BENGBU ECONOMIC DEVEL 6.45 07/13/24 CNY 60.00
BENGBU URBAN INVESTME 5.80 04/13/24 CNY 61.78
BENGBU URBAN INVESTME 5.80 04/13/24 CNY 61.85
BIJIE CONSTRUCTION IN 6.50 01/28/22 CNY 19.90
BIJIE CONSTRUCTION IN 6.50 01/28/22 CNY 19.94
BIJIE CONSTRUCTION IN 5.78 07/06/24 CNY 60.48
BIJIE CONSTRUCTION IN 5.55 08/03/24 CNY 60.00
BIJIE CONSTRUCTION IN 5.55 08/03/24 CNY 60.62
BIJIE DEXI CONSTRUCTI 4.60 11/17/23 CNY 55.42
BIJIE DEXI CONSTRUCTI 4.60 11/17/23 CNY 59.78
BIJIE DEXI CONSTRUCTI 5.10 12/05/23 CNY 54.51
BIJIE DEXI CONSTRUCTI 5.10 12/05/23 CNY 60.07
BIJIE QIXINGGUAN DIST 7.60 09/08/24 CNY 61.67
BIJIE QIXINGGUAN DIST 8.05 08/16/25 CNY 59.50
BIJIE QIXINGGUAN DIST 8.05 08/16/25 CNY 70.78
BIJIE XINTAI INVESTME 7.80 11/01/24 CNY 49.84
BIJIE XINTAI INVESTME 7.80 11/01/24 CNY 59.40
BINZHOU ZHANHUA DISTR 4.93 11/29/23 CNY 59.40
BINZHOU ZHANHUA DISTR 4.93 11/29/23 CNY 59.41
BINZHOU ZHONGHAI VENT 6.65 04/13/22 CNY 20.00
BINZHOU ZHONGHAI VENT 6.65 04/13/22 CNY 20.07
BORALA MONGOL AUTONOM 5.77 08/26/22 CNY 18.30
BORALA MONGOL AUTONOM 5.77 08/26/22 CNY 20.12
BOZHOU URBAN CONSTRUC 4.78 04/14/23 CNY 40.04
BOZHOU URBAN CONSTRUC 4.78 04/14/23 CNY 40.51
BRILLIANCE AUTO GROUP 5.30 10/23/20 CNY 48.88
BRILLIANCE AUTO GROUP 6.50 01/22/22 CNY 48.88
BRILLIANCE AUTO GROUP 6.50 03/13/22 CNY 48.88
BRILLIANCE AUTO GROUP 6.50 04/18/22 CNY 48.88
BRILLIANCE AUTO GROUP 6.50 06/03/22 CNY 48.88
BRILLIANCE AUTO GROUP 6.30 09/14/23 CNY 48.88
BRILLIANCE AUTO GROUP 5.40 09/14/23 CNY 55.80
BRILLIANCE AUTO GROUP 6.30 09/14/23 CNY 56.93
BRILLIANCE AUTO GROUP 5.80 11/05/23 CNY 48.88
BRILLIANCE AUTO GROUP 5.80 11/05/23 CNY 59.80
BRILLIANCE AUTO GROUP 5.80 03/20/24 CNY 54.80
BRILLIANCE AUTO GROUP 5.80 06/17/24 CNY 48.88
BRILLIANCE AUTO GROUP 5.80 06/17/24 CNY 60.78
CANGNAN COUNTY STATE 5.58 11/11/22 CNY 40.30
CANGNAN COUNTY STATE 5.58 11/11/22 CNY 40.42
CEFC SHANGHAI INTERNA 4.98 12/10/20 CNY 61.29
CEFC SHANGHAI INTERNA 4.08 09/09/21 CNY 60.00
CHANG DE DING LI INDU 4.30 03/10/23 CNY 40.15
CHANG DE DING LI INDU 4.30 03/10/23 CNY 40.17
CHANG DE DING LI INDU 6.10 07/20/24 CNY 60.00
CHANG DE DING LI INDU 6.10 07/20/24 CNY 60.07
CHANGDE DE YUAN SHANT 5.33 09/13/23 CNY 37.37
CHANGDE URBAN CONSTRU 3.59 01/12/23 CNY 40.00
CHANGDE URBAN CONSTRU 3.59 01/12/23 CNY 40.08
CHANGGE JINCAI PUBLIC 7.10 04/19/24 CNY 59.91
CHANGGE JINCAI PUBLIC 7.10 04/19/24 CNY 61.14
CHANGJI URBAN CONSTRU 4.24 11/18/23 CNY 58.01
CHANGJI URBAN CONSTRU 4.24 11/18/23 CNY 60.08
CHANGLE COUNTY NEWTOW 5.18 12/16/22 CNY 37.00
CHANGLE COUNTY NEWTOW 5.18 12/16/22 CNY 40.04
CHANGSHA COUNTY XINGC 7.90 03/25/22 CNY 25.37
CHANGSHA COUNTY XINGC 7.90 03/25/22 CNY 25.37
CHANGSHA ECONOMIC & T 8.45 04/13/22 CNY 15.22
CHANGSHA ECONOMIC & T 4.78 03/03/24 CNY 60.78
CHANGSHA ECONOMIC & T 4.78 03/03/24 CNY 61.26
CHANGSHA FURONG CITY 3.88 01/26/23 CNY 40.27
CHANGSHA FURONG CITY 3.88 01/26/23 CNY 40.67
CHANGSHA JINZHOU NEW 6.60 08/24/24 CNY 59.25
CHANGSHA JINZHOU NEW 6.60 08/24/24 CNY 60.00
CHANGSHA METRO GROUP 6.20 04/23/23 CNY 30.94
CHANGSHA METRO GROUP 6.20 04/23/23 CNY 32.01
CHANGSHA METRO GROUP 5.97 04/03/25 CNY 62.91
CHANGSHA METRO GROUP 5.40 07/14/25 CNY 60.00
CHANGSHA METRO GROUP 5.40 07/14/25 CNY 62.62
CHANGSHA METRO GROUP 4.10 12/21/25 CNY 71.19
CHANGSHA METRO GROUP 4.10 12/21/25 CNY 71.47
CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 20.00
CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 20.11
CHANGSHA TIANXIN CITY 3.43 08/08/23 CNY 39.13
CHANGSHA TIANXIN CITY 3.43 08/08/23 CNY 39.87
CHANGSHA YUHUA JINGKA 4.17 09/06/23 CNY 39.95
CHANGSHA YUHUA JINGKA 4.17 09/06/23 CNY 40.11
CHANGSHA YUHUA URBAN 3.80 01/28/23 CNY 40.00
CHANGSHA YUHUA URBAN 3.80 01/28/23 CNY 40.14
CHANGSHU DONGNAN ASSE 6.53 03/26/22 CNY 20.24
CHANGSHU DONGNAN ASSE 6.53 03/26/22 CNY 27.32
CHANGXING URBAN CONST 6.00 12/03/21 CNY 19.00
CHANGXING URBAN CONST 6.00 12/03/21 CNY 20.03
CHANGZHOU TIANNING CO 6.48 02/12/22 CNY 20.00
CHANGZHOU TIANNING CO 6.48 02/12/22 CNY 20.18
CHANGZHOU XINGANG ECO 3.42 10/20/23 CNY 39.23
CHANGZHOU XINGANG ECO 3.42 10/20/23 CNY 39.94
CHANGZHOU ZHONGLOU EC 3.64 10/26/23 CNY 39.93
CHANGZHOU ZHONGLOU EC 3.64 10/26/23 CNY 40.03
CHAOHU URBAN TOWN CON 6.50 04/30/22 CNY 20.23
CHAOHU URBAN TOWN CON 6.50 04/30/22 CNY 21.80
CHENGDU GARDEN WATER 6.15 05/03/23 CNY 39.85
CHENGDU GARDEN WATER 6.15 05/03/23 CNY 40.41
CHENGDU GARDEN WATER 7.50 09/11/24 CNY 58.32
CHENGDU GARDEN WATER 7.50 09/11/24 CNY 62.56
CHENGDU LIN JIANG GAR 6.75 08/02/24 CNY 59.64
CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 20.11
CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 20.20
CHENGDU SHUZHOU CITY 6.58 05/26/22 CNY 20.08
CHENGDU SHUZHOU CITY 6.58 05/26/22 CNY 20.50
CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 20.00
CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 20.13
CHENGDU XINGJIN ECOLO 3.65 10/13/23 CNY 39.29
CHENGDU XINGJIN ECOLO 3.65 10/13/23 CNY 40.08
CHENGDU XINGSHU INVES 6.78 08/21/24 CNY 60.00
CHENGDU XINGSHU INVES 6.78 08/21/24 CNY 61.79
CHENGDU XINJIN COUNTY 6.40 07/05/24 CNY 58.92
CHENGDU XINJIN COUNTY 6.40 07/05/24 CNY 59.91
CHENGDU XINJIN COUNTY 6.28 08/03/24 CNY 60.00
CHENGDU XINJIN COUNTY 6.28 08/03/24 CNY 60.12
CHENGDU XINKAIYUAN UR 5.29 04/27/23 CNY 39.42
CHENGDU XINKAIYUAN UR 5.29 04/27/23 CNY 40.10
CHENZHOU BAIFU INVEST 4.96 03/22/26 CNY 61.07
CHENZHOU BAIFU INVEST 4.96 03/22/26 CNY 61.62
CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 40.02
CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 40.07
CHENZHOU INDUSTRY INV 6.45 01/23/22 CNY 20.07
CHENZHOU INDUSTRY INV 6.45 01/23/22 CNY 28.60
CHENZHOU WENLV INDUST 5.34 11/28/23 CNY 58.73
CHENZHOU XINTIAN INVE 6.00 07/26/24 CNY 56.62
CHENZHOU XINTIAN INVE 6.00 07/26/24 CNY 60.00
CHENZHOU XINTIAN INVE 5.38 03/08/26 CNY 63.03
CHENZHOU XINTIAN INVE 5.38 03/08/26 CNY 63.26
CHIBI LANTIAN URBAN C 4.38 08/10/23 CNY 39.69
CHIBI LANTIAN URBAN C 4.38 08/10/23 CNY 39.83
CHINA FORTUNE LAND DE 7.40 03/24/21 CNY 25.13
CHINA FORTUNE LAND DE 7.20 04/18/21 CNY 25.13
CHINA FORTUNE LAND DE 5.60 09/10/21 CNY 25.13
CHINA FORTUNE LAND DE 5.80 05/23/22 CNY 22.20
CHINA FORTUNE LAND DE 5.00 05/30/22 CNY 68.15
CHINA GRAND AUTOMOTIV 9.13 01/30/24 USD 74.23
CHINA OCEANWIDE HOLDI 8.90 12/13/21 CNY 48.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHONGQIN BAIYAN INVES 5.75 05/03/23 CNY 40.44
CHONGQIN BAIYAN INVES 5.75 05/03/23 CNY 40.67
CHONGQIN XINLIANG INV 4.76 08/26/23 CNY 38.51
CHONGQIN XINLIANG INV 4.76 08/26/23 CNY 38.73
CHONGQING BANAN ECONO 6.17 03/13/22 CNY 20.10
CHONGQING BANAN ECONO 6.17 03/13/22 CNY 20.12
CHONGQING BAYUAN CONS 4.99 08/16/23 CNY 39.10
CHONGQING BISHAN DIST 4.93 03/29/23 CNY 40.34
CHONGQING BISHAN DIST 4.93 03/29/23 CNY 40.43
CHONGQING DAZU INDUST 6.30 04/28/22 CNY 20.00
CHONGQING DAZU INDUST 6.30 04/28/22 CNY 20.06
CHONGQING DAZU URBAN 3.97 08/11/22 CNY 49.43
CHONGQING DAZU URBAN 3.97 08/11/22 CNY 49.50
CHONGQING DAZU YONGSH 6.48 07/24/24 CNY 59.05
CHONGQING DAZU YONGSH 6.48 07/24/24 CNY 61.42
CHONGQING ECO&TECH DE 3.95 04/13/23 CNY 40.07
CHONGQING FULING TRAF 6.68 02/03/22 CNY 20.00
CHONGQING FULING TRAF 6.68 02/03/22 CNY 20.08
CHONGQING HECHUAN CIT 3.95 09/06/23 CNY 39.61
CHONGQING HECHUAN CIT 3.95 09/06/23 CNY 39.86
CHONGQING HONGYE INDU 6.30 08/02/24 CNY 59.74
CHONGQING HONGYE INDU 6.30 08/02/24 CNY 61.30
CHONGQING JIANGJIN DI 6.40 09/13/24 CNY 60.00
CHONGQING JIANGJIN DI 6.40 09/13/24 CNY 60.57
CHONGQING JIN TONG IN 4.44 11/16/23 CNY 56.84
CHONGQING JIN TONG IN 4.44 11/16/23 CNY 59.65
CHONGQING JIN TONG IN 6.50 08/01/24 CNY 55.88
CHONGQING JIN TONG IN 6.50 08/01/24 CNY 60.00
CHONGQING JINYUN ASSE 4.50 12/31/22 CNY 40.09
CHONGQING JINYUN ASSE 4.50 12/31/22 CNY 40.18
CHONGQING KAIQIAN INV 4.64 03/21/23 CNY 38.70
CHONGQING KAIQIAN INV 4.64 03/21/23 CNY 39.87
CHONGQING LAND PROPER 3.36 03/21/23 CNY 40.03
CHONGQING LAND PROPER 3.36 03/21/23 CNY 40.10
CHONGQING LIANGSHAN C 6.30 10/16/24 CNY 61.59
CHONGQING LIANGSHAN C 6.30 10/16/24 CNY 61.60
CHONGQING MAIRUI URBA 4.95 04/21/23 CNY 40.19
CHONGQING MAIRUI URBA 4.95 04/21/23 CNY 40.30
CHONGQING NANCHUAN CI 4.20 07/11/23 CNY 39.77
CHONGQING NANCHUAN CI 4.20 07/11/23 CNY 39.90
CHONGQING QIJIANG EAS 4.00 09/05/23 CNY 38.78
CHONGQING QIJIANG EAS 4.00 09/05/23 CNY 39.14
CHONGQING SHUANGFU CO 6.37 10/13/24 CNY 60.00
CHONGQING SHUANGFU CO 6.37 10/13/24 CNY 60.93
CHONGQING SHUANGQIAO 5.99 11/19/21 CNY 19.99
CHONGQING SHUANGQIAO 5.99 11/19/21 CNY 26.25
CHONGQING TONGLIANG J 6.59 04/08/22 CNY 20.00
CHONGQING TONGLIANG J 6.59 04/08/22 CNY 20.13
CHONGQING TONGNAN DIS 4.99 12/31/22 CNY 39.25
CHONGQING TONGNAN DIS 4.99 12/31/22 CNY 39.66
CHONGQING WANSHENG EC 5.40 11/18/21 CNY 39.98
CHONGQING WANZHOU SAN 4.95 08/25/22 CNY 20.19
CHONGQING WANZHOU SAN 4.95 08/25/22 CNY 20.80
CHONGQING WULONG DIST 6.80 09/21/24 CNY 55.00
CHONGQING WULONG DIST 6.80 09/21/24 CNY 58.40
CHONGQING XINGRONG HO 4.86 03/31/23 CNY 38.50
CHONGQING XINGRONG HO 4.86 03/31/23 CNY 39.82
CHONGQING YINGDI INDU 7.00 11/07/24 CNY 59.99
CHONGQING YUELAI INVE 6.09 04/29/22 CNY 20.00
CHONGQING YUELAI INVE 6.09 04/29/22 CNY 20.19
CHUN'AN XINANJIANG DE 6.10 03/11/22 CNY 20.19
CHUN'AN XINANJIANG DE 6.10 03/11/22 CNY 24.55
CHUN'AN XINANJIANG DE 3.84 11/04/23 CNY 39.36
CHUN'AN XINANJIANG DE 3.84 11/04/23 CNY 40.06
CHUZHOU CITY INVESTME 6.30 11/30/21 CNY 30.04
CHUZHOU CITY INVESTME 6.30 11/30/21 CNY 30.40
CHUZHOU CITY NANQIAO 5.95 10/23/24 CNY 60.00
CHUZHOU CITY NANQIAO 5.95 10/23/24 CNY 62.39
CITIC GUOAN GROUP COR 4.90 11/06/19 CNY 18.25
CITIC GUOAN GROUP COR 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP COR 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP COR 4.49 03/08/21 CNY 18.25
CIXI STATE OWNED ASSE 4.90 04/07/24 CNY 60.92
DAFANG COUNTY CONSTRU 6.00 09/26/23 CNY 38.30
DAFANG COUNTY CONSTRU 6.00 09/26/23 CNY 40.18
DALI HAIDONG DEVELOPM 6.01 01/25/23 CNY 38.05
DALI HAIDONG DEVELOPM 6.01 01/25/23 CNY 39.82
DALIAN RONGDA INVESTM 5.69 12/05/21 CNY 20.03
DALIAN SHITAI CITY CO 4.50 02/01/23 CNY 37.74
DALIAN SHITAI CITY CO 4.50 02/01/23 CNY 40.12
DANGTU COUNTY CONSTRU 5.38 08/10/22 CNY 20.26
DANGYANG XINYUAN INVE 4.97 03/29/23 CNY 39.84
DANGYANG XINYUAN INVE 4.97 03/29/23 CNY 40.29
DANYANG HI-TECH INDUS 6.40 04/24/22 CNY 19.87
DANYANG HI-TECH INDUS 6.40 04/24/22 CNY 20.00
DANYANG INVESTMENT GR 3.99 01/25/23 CNY 39.15
DANYANG INVESTMENT GR 3.99 01/25/23 CNY 39.77
DANYANG INVESTMENT GR 5.49 07/18/24 CNY 61.66
DASHIQIAO URBAN CONST 7.59 08/14/24 CNY 62.53
DASHIQIAO URBAN CONST 7.59 08/14/24 CNY 62.54
DATONG ECONOMIC CONST 4.49 10/22/22 CNY 20.02
DATONG ECONOMIC CONST 4.49 10/22/22 CNY 20.15
DAWA COUNTY CITY CONS 6.29 06/12/22 CNY 19.58
DAWA COUNTY LINGANG E 5.99 10/19/24 CNY 61.02
DAYE ZHENHENG CITY DE 4.50 03/28/23 CNY 38.09
DAYE ZHENHENG CITY DE 4.50 03/28/23 CNY 39.81
DAYE ZHENHENG CITY DE 4.05 08/31/23 CNY 37.81
DAYE ZHENHENG CITY DE 4.05 08/31/23 CNY 38.82
DAZHOU DEVELOPMENT HO 6.55 01/14/22 CNY 20.00
DAZHOU DEVELOPMENT HO 6.55 01/14/22 CNY 20.08
DAZHOU DEVELOPMENT HO 5.10 11/27/22 CNY 40.00
DAZHOU DEVELOPMENT HO 5.10 11/27/22 CNY 40.09
DAZHOU INVESTMENT CO 3.99 11/04/26 CNY 67.55
DEHONGZHOU HONGKANG I 6.68 01/23/22 CNY 20.04
DEQING CONSTRUCTION I 3.60 11/11/23 CNY 59.50
DEQING CONSTRUCTION I 3.60 11/11/23 CNY 59.60
DEXING INVESTMENT HOL 5.99 03/21/23 CNY 40.08
DEXING INVESTMENT HOL 5.99 03/21/23 CNY 43.80
DONGLING GROUP INC CO 8.00 07/14/22 CNY 20.00
DONGLING GROUP INC CO 8.00 07/14/22 CNY 20.40
DONGTAI STATE-OWNED A 3.04 11/16/23 CNY 58.77
DONGYING CITY URBAN A 5.57 03/31/22 CNY 20.16
DONGYING CITY URBAN A 5.57 03/31/22 CNY 20.33
DONGZHI COUNTY CITY O 4.88 06/20/23 CNY 39.99
DONGZHI COUNTY CITY O 4.88 06/20/23 CNY 39.99
DUJIANGYAN NEW CITY C 6.90 10/19/24 CNY 61.84
DUJIANGYAN NEW CITY C 7.80 10/11/25 CNY 69.00
DUJIANGYAN XINGYAN IN 6.10 03/12/22 CNY 19.00
DUJIANGYAN XINGYAN IN 6.10 03/12/22 CNY 19.75
DUNYUN STATE-OWNED AS 6.60 12/28/22 CNY 39.61
ENSHI URBAN CONSTRUCT 3.84 11/01/23 CNY 39.29
ENSHI URBAN CONSTRUCT 3.84 11/01/23 CNY 39.58
EVERGRANDE REAL ESTAT 6.98 07/08/22 CNY 27.00
EVERGRANDE REAL ESTAT 6.27 05/06/23 CNY 30.00
EVERGRANDE REAL ESTAT 6.80 05/06/24 CNY 35.69
FANTASIA GROUP CHINA 7.50 12/17/21 CNY 74.00
FANTASIA GROUP CHINA 7.80 11/29/22 CNY 44.83
FEICHENG CITY ASSETS 4.04 03/23/23 CNY 39.68
FEICHENG CITY ASSETS 4.04 03/23/23 CNY 40.11
FEIXI COUNTY URBAN & 4.45 06/03/23 CNY 40.24
FEIXI COUNTY URBAN & 4.45 06/03/23 CNY 41.24
FENG COUNTY ECONOMIC 5.18 06/21/23 CNY 38.82
FENG COUNTY ECONOMIC 5.18 06/21/23 CNY 40.06
FENGCHENG CITY CONSTR 6.49 02/10/22 CNY 20.12
FENGCHENG CITY CONSTR 6.49 02/10/22 CNY 20.34
FENGCHENG CITY MODERN 5.76 12/17/22 CNY 37.88
FENGCHENG CITY MODERN 5.76 12/17/22 CNY 40.00
FENGDU COUNTY STATE-O 6.38 09/05/24 CNY 60.00
FENGDU COUNTY STATE-O 6.38 09/05/24 CNY 60.39
FENGHUANG MINGCHENG C 6.50 03/23/24 CNY 61.14
FENGTAI HUAXING CITY 5.60 03/13/24 CNY 61.42
FENGTAI HUAXING CITY 5.60 03/13/24 CNY 61.45
FENGXIAN URBAN INVEST 6.48 03/20/22 CNY 20.00
FENGXIAN URBAN INVEST 6.48 03/20/22 CNY 20.13
FENYI CITY CONSTRUCTI 4.54 08/22/23 CNY 39.33
FENYI CITY CONSTRUCTI 4.54 08/22/23 CNY 39.78
FUJIAN FUSHENG GROUP 7.90 11/19/21 CNY 60.00
FUJIAN FUSHENG GROUP 7.90 12/17/21 CNY 70.99
FUJIAN JINJIANG URBAN 3.35 08/24/23 CNY 39.00
FUJIAN JINJIANG URBAN 3.35 08/24/23 CNY 39.91
FUJIAN PROVINCE LIANJ 6.29 04/30/22 CNY 20.00
FUJIAN PROVINCE LIANJ 6.29 04/30/22 CNY 20.25
FUJIAN ZHANGLONG GROU 4.99 08/07/22 CNY 20.00
FUJIAN ZHANGLONG GROU 4.99 08/07/22 CNY 20.15
FUNING URBAN INVESTME 6.00 03/14/24 CNY 61.45
FUNING URBAN INVESTME 6.00 03/14/24 CNY 61.73
FUQING CITY STATE-OWN 5.94 11/26/22 CNY 40.06
FUXIN INFRASTRUCTURE 6.18 03/18/22 CNY 19.92
FUZHOU CHANGLE DISTRI 4.50 04/11/23 CNY 39.81
FUZHOU CHANGLE DISTRI 4.50 04/11/23 CNY 40.25
FUZHOU DEVELOPMENT ZO 3.53 08/25/23 CNY 39.89
FUZHOU DEVELOPMENT ZO 3.53 08/25/23 CNY 39.89
FUZHOU DONGXIANG INVE 6.20 03/20/24 CNY 61.84
FUZHOU DONGXIANG INVE 6.20 03/20/24 CNY 61.85
FUZHOU INVESTMENT DEV 5.70 10/30/24 CNY 60.00
FUZHOU INVESTMENT DEV 5.70 10/30/24 CNY 60.77
FUZHOU LINCHUAN URBAN 5.68 07/05/23 CNY 40.82
FUZHOU LINCHUAN URBAN 5.68 07/05/23 CNY 40.82
FUZHOU URBAN AND RURA 5.48 01/26/22 CNY 20.00
FUZHOU URBAN AND RURA 5.48 01/26/22 CNY 20.08
FUZHOU URBAN AND RURA 4.89 07/08/22 CNY 20.15
FUZHOU URBAN AND RURA 4.89 07/08/22 CNY 20.55
GANSU PROVINCIAL HIGH 6.58 09/24/22 CNY 41.05
GANSU PROVINCIAL HIGH 6.20 03/28/23 CNY 71.65
GANZHOU CITY DEVELOPM 5.50 06/16/22 CNY 20.00
GANZHOU CITY DEVELOPM 5.50 06/16/22 CNY 20.15
GANZHOU DEVELOPMENT I 8.10 12/11/23 CNY 63.25
GAOMI CITY CONSTRUCTI 5.95 09/18/24 CNY 59.97
GAOMI CITY CONSTRUCTI 5.95 09/18/24 CNY 60.00
GAOMI STATE-OWNED ASS 4.69 01/26/23 CNY 39.50
GAOMI STATE-OWNED ASS 4.69 01/26/23 CNY 39.54
GAOQING LU QING ASSET 7.50 09/27/24 CNY 64.01
GAOQING LU QING ASSET 7.50 09/27/24 CNY 64.02
GAOYOU CITY CONSTRUCT 5.48 09/15/22 CNY 20.00
GAOYOU CITY CONSTRUCT 5.48 09/15/22 CNY 20.29
GAOYOU CITY ECONOMY D 3.65 09/02/23 CNY 40.00
GAOYOU CITY ECONOMY D 3.65 09/02/23 CNY 40.28
GAOYOU CITY ECONOMY D 5.26 07/13/24 CNY 61.42
GAOYOU CITY ECONOMY D 5.26 07/13/24 CNY 62.10
GONG'AN COUNTY CITY C 4.30 08/30/23 CNY 39.63
GONG'AN COUNTY CITY C 4.30 08/30/23 CNY 39.92
GONGQINGCHENG FINANCI 5.85 03/25/23 CNY 40.27
GONGQINGCHENG FINANCI 5.85 03/25/23 CNY 40.27
GUANGAN DEVELOPMENT A 6.39 03/24/22 CNY 20.20
GUANGAN DEVELOPMENT A 6.39 03/24/22 CNY 24.00
GUANGAN ECONOMIC & TE 5.16 04/14/23 CNY 40.05
GUANGAN ECONOMIC & TE 5.16 04/14/23 CNY 40.19
GUANGAN TRANSPORTATIO 5.39 12/01/23 CNY 48.77
GUANGAN XINHONG INVES 7.18 08/28/24 CNY 59.86
GUANGAN XINHONG INVES 7.18 08/28/24 CNY 60.00
GUANGDE CITY STATE-OW 5.37 07/18/24 CNY 60.46
GUANGDE CITY STATE-OW 5.37 07/18/24 CNY 62.40
GUANGDONG HUIZHOU COM 4.16 05/17/23 CNY 40.40
GUANGDONG HUIZHOU COM 4.16 05/17/23 CNY 40.46
GUANGDONG HUIZHOU COM 4.95 12/27/23 CNY 61.13
GUANGDONG HUIZHOU COM 4.95 12/27/23 CNY 61.16
GUANGRAO COUNTY ECONO 3.61 09/08/23 CNY 40.09
GUANGSHUI CITY DEVELO 6.19 03/01/24 CNY 61.21
GUANGSHUI CITY DEVELO 6.19 03/01/24 CNY 61.57
GUANGXI LAIBIN INDUST 5.97 11/26/21 CNY 20.00
GUANGXI LAIBIN INDUST 5.97 11/26/21 CNY 20.01
GUANGXI LIUZHOU DONGC 6.50 07/24/24 CNY 71.96
GUANGXI LIUZHOU INVES 4.28 03/08/23 CNY 37.78
GUANGYUAN YUANQU CONS 4.48 03/10/23 CNY 40.04
GUANGYUAN YUANQU CONS 4.48 03/10/23 CNY 40.12
GUANGZHOU HUANTOU NAN 6.38 11/18/24 CNY 60.30
GUANGZHOU HUANTOU NAN 6.38 11/18/24 CNY 61.13
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 45.00
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 46.94
GUANGZHOU METRO GROUP 6.05 06/03/24 CNY 46.91
GUANGZHOU PANYU INFOR 4.50 09/08/26 CNY 70.50
GUANGZHOU PANYU INFOR 4.50 09/08/26 CNY 70.51
GUANGZHOU R&F PROPERT 6.70 04/07/22 CNY 52.03
GUANGZHOU R&F PROPERT 6.80 05/16/22 CNY 65.50
GUANGZHOU R&F PROPERT 7.00 01/03/23 CNY 64.00
GUCHENG CONSTRUCTION 7.88 04/27/25 CNY 75.00
GUILIN ECONOMIC CONST 5.60 04/22/22 CNY 20.00
GUILIN ECONOMIC CONST 5.60 04/22/22 CNY 20.21
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIXI STATE OWNED HOL 4.18 08/18/23 CNY 39.62
GUIXI STATE OWNED HOL 4.18 08/18/23 CNY 39.64
GUIYANG BAIYUN INDUST 7.30 03/27/22 CNY 20.07
GUIYANG BAIYUN INDUST 7.30 03/27/22 CNY 25.00
GUIYANG BAIYUN URBAN 6.48 07/17/24 CNY 59.81
GUIYANG BAIYUN URBAN 6.48 07/17/24 CNY 60.00
GUIYANG BAIYUN URBAN 7.28 09/25/24 CNY 59.04
GUIYANG BAIYUN URBAN 7.28 09/25/24 CNY 60.00
GUIYANG BAIYUN URBAN 4.75 09/13/26 CNY 61.31
GUIYANG BAIYUN URBAN 4.75 09/13/26 CNY 62.16
GUIYANG CITY CONSTRUC 4.37 03/25/26 CNY 65.20
GUIYANG CITY CONSTRUC 4.37 03/25/26 CNY 66.96
GUIYANG ECONOMIC DEVE 6.35 09/21/24 CNY 59.59
GUIYANG GUANCHENG IND 7.50 12/25/22 CNY 71.18
GUIYANG GUANSHANHU DI 4.87 01/28/23 CNY 37.40
GUIYANG GUANSHANHU DI 4.87 01/28/23 CNY 39.94
GUIYANG GUANSHANHU DI 4.48 03/09/23 CNY 37.41
GUIYANG GUANSHANHU DI 4.48 03/09/23 CNY 38.53
GUIYANG GUANSHANHU DI 6.49 06/22/24 CNY 56.80
GUIYANG GUANSHANHU DI 6.49 06/22/24 CNY 57.61
GUIYANG URBAN CONSTRU 5.23 12/02/22 CNY 39.00
GUIYANG URBAN CONSTRU 5.23 12/02/22 CNY 39.80
GUIYANG URBAN CONSTRU 5.98 07/21/24 CNY 59.97
GUIYANG URBAN CONSTRU 5.98 07/21/24 CNY 60.00
GUIZHOU EAST LAKE CIT 5.18 01/06/23 CNY 37.94
GUIZHOU FANJINGSHAN I 6.95 01/28/22 CNY 19.90
GUIZHOU FANJINGSHAN I 6.95 01/28/22 CNY 19.91
GUIZHOU GUIAN CONSTRU 4.17 10/28/22 CNY 20.11
GUIZHOU GUIAN CONSTRU 4.17 10/28/22 CNY 21.00
GUIZHOU GUILONG INDUS 7.80 04/28/22 CNY 24.95
GUIZHOU GUILONG INDUS 7.80 04/28/22 CNY 25.32
GUIZHOU HONGCAI INVES 6.00 06/07/23 CNY 27.76
GUIZHOU HONGCAI INVES 6.00 06/07/23 CNY 28.78
GUIZHOU KAILI KAIYUAN 7.30 05/26/24 CNY 57.20
GUIZHOU KAILI KAIYUAN 7.30 05/26/24 CNY 62.00
GUIZHOU KAILI KAIYUAN 7.28 08/29/24 CNY 60.00
GUIZHOU KAILI KAIYUAN 7.28 08/29/24 CNY 62.07
GUIZHOU LIUPANSHUI PA 7.30 07/24/24 CNY 50.34
GUIZHOU RAILWAY INVES 7.20 03/27/22 CNY 20.20
GUIZHOU RAILWAY INVES 7.20 03/27/22 CNY 20.30
GUIZHOU RAILWAY INVES 7.50 04/23/24 CNY 46.98
GUIZHOU RAILWAY INVES 7.50 04/23/24 CNY 47.00
GUIZHOU SHUICHENG CIT 4.98 11/22/23 CNY 52.33
GUIZHOU SHUICHENG CIT 4.98 11/22/23 CNY 60.01
GUIZHOU SHUICHENG ECO 7.50 10/26/25 CNY 39.50
GUIZHOU XINDONGGUAN C 7.70 09/05/24 CNY 62.25
GULIN STATE-OWNED ASS 4.18 08/04/23 CNY 39.31
GULIN STATE-OWNED ASS 4.18 08/04/23 CNY 39.32
GULIN STATE-OWNED ASS 5.96 07/24/24 CNY 61.17
GULIN STATE-OWNED ASS 5.96 07/24/24 CNY 64.51
HAIAN DEVELOPMENT ZON 4.47 11/16/23 CNY 58.74
HAIAN DEVELOPMENT ZON 4.47 11/16/23 CNY 59.69
HAIAN ECONOMIC TECHNO 5.45 04/13/23 CNY 39.98
HAIAN ECONOMIC TECHNO 5.45 04/13/23 CNY 40.05
HAIAN URBAN DEMOLITIO 5.08 11/27/22 CNY 40.20
HAIAN URBAN DEMOLITIO 5.08 11/27/22 CNY 40.58
HAICHENG URBAN JINCAI 5.37 08/10/23 CNY 40.31
HAIFENG MARINE INFRAS 6.84 04/29/22 CNY 20.17
HAIKOU MEILAN INTERNA 5.25 09/06/19 USD 10.51
HAINAN AIRLINES HOLDI 6.20 05/24/21 CNY 51.00
HAINING ASSET MANAGEM 3.40 08/16/23 CNY 69.70
HAIYAN COUNTY STATE-O 5.80 06/12/24 CNY 61.70
HAMI JIANHUI STATE-OW 3.90 09/21/23 CNY 39.91
HANCHENG CITY INVESTM 4.69 12/05/23 CNY 58.23
HANCHENG CITY INVESTM 4.69 12/05/23 CNY 58.51
HANCHUAN CITY HANRONG 4.25 07/18/23 CNY 39.65
HANCHUAN CITY HANRONG 4.25 07/18/23 CNY 39.97
HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 20.12
HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 27.20
HANGZHOU CANAL COMPRE 3.40 10/17/23 CNY 39.74
HANGZHOU CANAL COMPRE 3.40 10/17/23 CNY 39.86
HANGZHOU FUYANG DEVEL 4.76 01/27/23 CNY 40.28
HANGZHOU FUYANG DEVEL 4.76 01/27/23 CNY 40.38
HANGZHOU GONGSHU DIST 3.80 03/14/23 CNY 40.00
HANGZHOU GONGSHU DIST 3.80 03/14/23 CNY 40.21
HANGZHOU METRO GROUP 5.97 09/17/24 CNY 47.19
HANGZHOU WEST LAKE IN 4.30 04/25/23 CNY 39.87
HANGZHOU WEST LAKE IN 4.30 04/25/23 CNY 40.48
HANGZHOU XIAOSHAN QIA 4.00 03/22/23 CNY 39.77
HANGZHOU XIAOSHAN QIA 4.00 03/22/23 CNY 40.28
HANJIANG STATE-OWNED- 5.40 04/21/24 CNY 61.67
HANJIANG STATE-OWNED- 5.40 04/21/24 CNY 61.73
HANSHAN CITY CONSTRUC 6.20 08/30/24 CNY 60.00
HANSHAN CITY CONSTRUC 6.20 08/30/24 CNY 62.08
HEBEI ZHONGYUE CITY C 4.10 11/16/21 CNY 19.99
HEBEI ZHONGYUE CITY C 4.10 11/16/21 CNY 20.00
HECHI CITY CONSTRUCTI 5.58 11/13/22 CNY 36.00
HECHI CITY CONSTRUCTI 5.58 11/13/22 CNY 39.56
HECHI STATE-OWNED CAP 4.37 11/04/23 CNY 39.00
HECHI STATE-OWNED CAP 4.37 11/04/23 CNY 39.13
HEFEI CONSTRUCTION IN 7.20 04/29/24 CNY 47.69
HEFEI XINCHENG STATE- 4.13 07/15/23 CNY 39.65
HEFEI XINCHENG STATE- 4.13 07/15/23 CNY 40.31
HEILONGJIANG HECHENG 5.60 11/11/21 CNY 20.00
HEILONGJIANG HECHENG 7.05 06/21/22 CNY 15.19
HEISHAN TONGHE ASSET 6.79 09/18/22 CNY 19.28
HEISHAN TONGHE ASSET 6.79 09/18/22 CNY 19.99
HENGDONG URBAN & RURA 6.60 12/27/23 CNY 60.96
HENGDONG URBAN & RURA 6.60 12/27/23 CNY 60.98
HENGYANG BINJIANG NEW 5.47 07/27/24 CNY 61.66
HENGYANG CITY AND URB 7.50 09/22/24 CNY 60.39
HENGYANG CITY AND URB 7.50 09/22/24 CNY 62.63
HENGYANG COMMUNICATIO 4.28 01/21/23 CNY 40.00
HENGYANG COMMUNICATIO 4.28 01/21/23 CNY 40.12
HESHAN PUBLIC ASSET M 4.08 09/28/23 CNY 39.81
HESHAN PUBLIC ASSET M 4.08 09/28/23 CNY 39.81
HESHAN PUBLIC ASSET M 5.08 12/07/23 CNY 60.99
HESHAN PUBLIC ASSET M 5.08 12/07/23 CNY 61.09
HETIAN YUXIN STATE-OW 4.65 03/28/23 CNY 39.46
HETIAN YUXIN STATE-OW 4.65 03/28/23 CNY 39.83
HEYUAN CITY RUNYE INV 6.20 12/03/21 CNY 20.00
HEYUAN CITY RUNYE INV 6.20 12/03/21 CNY 20.03
HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HONGDAXINGYE GROUP CO 7.00 12/14/20 CNY 18.00
HONGDAXINGYE GROUP CO 7.00 01/15/21 CNY 18.00
HONGHEZHOU DEVELOPMEN 5.90 07/12/24 CNY 62.04
HONGHU CITY HONGRUI I 6.30 10/13/24 CNY 62.67
HONGHU CITY HONGRUI I 6.30 10/13/24 CNY 62.67
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 46.30
HUAIAN CITY HUAIAN DI 4.63 05/03/23 CNY 40.02
HUAIAN CITY HUAIAN DI 4.63 05/03/23 CNY 40.15
HUAIAN CITY URBAN ASS 5.70 04/23/22 CNY 20.23
HUAIAN CITY URBAN ASS 5.70 04/23/22 CNY 21.54
HUAIAN CITY XUYI URBA 5.10 04/15/23 CNY 39.80
HUAIAN CITY XUYI URBA 5.10 04/15/23 CNY 40.09
HUAIAN HONGRI TRANSPO 5.09 04/20/23 CNY 39.09
HUAIAN HONGRI TRANSPO 5.09 04/20/23 CNY 39.11
HUAIAN HONGZE DISTRIC 4.37 07/18/23 CNY 39.63
HUAIAN HONGZE DISTRIC 4.37 07/18/23 CNY 39.70
HUAI'AN NEW CITY INVE 5.22 09/20/24 CNY 61.58
HUAIAN QINGPU CITY CO 6.75 09/29/24 CNY 56.72
HUAIAN QINGPU CITY CO 6.75 09/29/24 CNY 56.99
HUAI'AN WATER CONSERV 5.28 08/11/24 CNY 60.00
HUAI'AN WATER CONSERV 5.28 08/11/24 CNY 61.40
HUAIHUA CITY CONSTRUC 4.18 08/31/23 CNY 38.21
HUAIHUA CITY CONSTRUC 4.18 08/31/23 CNY 38.30
HUAIHUA ECONOMIC DEVE 6.80 03/26/22 CNY 20.00
HUAIHUA ECONOMIC DEVE 6.80 03/26/22 CNY 20.02
HUAIHUA ECONOMIC DEVE 5.77 08/07/24 CNY 60.00
HUAIHUA ECONOMIC DEVE 5.77 08/07/24 CNY 60.07
HUAIHUA TRANSPORTATIO 4.96 04/12/23 CNY 39.08
HUAIHUA TRANSPORTATIO 4.96 04/12/23 CNY 39.28
HUAINAN INDUSTRY DEVE 5.69 10/25/24 CNY 61.59
HUAINAN INDUSTRY DEVE 5.69 10/25/24 CNY 61.78
HUAINAN SHAN NAN DEVE 6.53 08/24/24 CNY 59.13
HUAINAN SHAN NAN DEVE 6.53 08/24/24 CNY 61.53
HUAINAN URBAN CONSTRU 5.74 09/04/24 CNY 60.92
HUAINAN URBAN CONSTRU 5.74 09/04/24 CNY 62.09
HUANGGANG CITY CONSTR 4.08 01/18/23 CNY 40.19
HUANGMEI COUNTY URBAN 6.80 10/09/24 CNY 60.00
HUANGMEI COUNTY URBAN 6.80 10/09/24 CNY 60.45
HUANGMEI COUNTY URBAN 6.68 10/18/24 CNY 60.00
HUANGMEI COUNTY URBAN 6.68 10/18/24 CNY 61.75
HUANGSHAN CHENGTOU GR 5.95 05/06/22 CNY 20.25
HUANGSHAN CHENGTOU GR 5.95 05/06/22 CNY 20.65
HUANGSHI CIHU HIGH-TE 4.97 06/08/23 CNY 39.96
HUANGSHI CIHU HIGH-TE 4.97 06/08/23 CNY 39.97
HUANGSHI CIHU HIGH-TE 4.50 06/08/23 CNY 40.11
HUANGSHI CIHU HIGH-TE 4.50 06/08/23 CNY 43.00
HUANGSHI URBAN CONSTR 5.99 04/29/22 CNY 20.00
HUANGSHI URBAN CONSTR 5.99 04/29/22 CNY 20.27
HUANGSHI ZHONGBANG CI 5.95 06/02/24 CNY 61.97
HUANGSHI ZHONGBANG CI 5.95 06/02/24 CNY 61.97
HUBEI PROVINCE CHANGJ 6.15 04/03/22 CNY 20.28
HUBEI PROVINCE CHANGJ 6.15 04/03/22 CNY 22.40
HUBEI SONGZI JINSONG 6.60 06/21/24 CNY 60.46
HUBEI SONGZI JINSONG 6.60 06/21/24 CNY 61.44
HUBEI SUPPLY AND MARK 6.70 08/23/24 CNY 56.98
HUBEI SUPPLY AND MARK 6.70 08/23/24 CNY 61.72
HUBEI YILING ECONOMIC 6.45 09/05/24 CNY 60.00
HUBEI YILING ECONOMIC 6.45 09/05/24 CNY 60.18
HULUDAO INVESTMENT GR 7.50 10/18/23 CNY 29.00
HULUDAO INVESTMENT GR 7.50 10/18/23 CNY 30.85
HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 19.65
HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 20.22
HUNAN CHUZHISHENG HOL 5.60 12/18/22 CNY 39.86
HUNAN CHUZHISHENG HOL 5.60 12/18/22 CNY 40.43
HUNAN DESHAN CONSTRUC 6.46 09/14/24 CNY 58.46
HUNAN DESHAN CONSTRUC 6.46 09/14/24 CNY 61.52
HUNAN JINYANG INVESTM 5.70 11/27/21 CNY 18.60
HUNAN JINYANG INVESTM 5.70 11/27/21 CNY 20.01
HUNAN JINYANG INVESTM 4.37 01/19/23 CNY 39.85
HUNAN JINYANG INVESTM 4.37 01/19/23 CNY 40.10
HUNAN JINYANG INVESTM 4.39 04/06/23 CNY 39.97
HUNAN JINYANG INVESTM 4.39 04/06/23 CNY 40.13
HUNAN JINYANG NEW CIT 4.43 10/23/22 CNY 20.11
HUNAN JINYANG NEW CIT 4.43 10/23/22 CNY 20.11
HUNAN LINGANG DEVELOP 4.24 07/21/23 CNY 39.11
HUNAN LINGANG DEVELOP 4.24 07/21/23 CNY 39.55
HUNAN LINGANG DEVELOP 3.94 10/26/23 CNY 38.14
HUNAN LINGANG DEVELOP 3.94 10/26/23 CNY 39.45
HUNAN LOUDI ECONOMIC 6.36 03/13/22 CNY 19.64
HUNAN LOUDI ECONOMIC 6.36 03/13/22 CNY 27.00
HUNAN LOUDI ECONOMIC 4.89 03/30/23 CNY 37.64
HUNAN LOUDI ECONOMIC 4.89 03/30/23 CNY 39.17
HUNAN PROVINCIAL RAIL 6.09 04/30/25 CNY 60.00
HUNAN PROVINCIAL RAIL 6.09 04/30/25 CNY 62.72
HUNAN SENTE INDUSTRIA 6.90 11/28/24 CNY 40.00
HUNAN SHAODONG ECO-IN 6.58 12/13/23 CNY 60.40
HUNAN SHAODONG ECO-IN 6.58 12/13/23 CNY 60.95
HUNAN TIER GROUP CO L 4.20 03/17/23 CNY 38.05
HUNAN TIER GROUP CO L 4.20 03/17/23 CNY 38.06
HUNAN YOUZHOU INVESTM 4.80 07/07/23 CNY 39.91
HUNAN YOUZHOU INVESTM 4.80 07/07/23 CNY 39.92
HUNAN ZHIGU INVESTMEN 5.80 07/28/24 CNY 60.00
HUNAN ZHIGU INVESTMEN 5.80 07/28/24 CNY 61.72
INNER MONGOLIA JINLON 7.30 11/19/22 CNY 39.50
INNER MONGOLIA JINLON 7.30 11/19/22 CNY 40.41
INNER MONGOLIA KE'ERQ 6.50 03/11/22 CNY 20.00
INNER MONGOLIA KE'ERQ 6.50 03/11/22 CNY 20.00
INNER MONGOLIA KE'ERQ 6.45 04/30/22 CNY 20.09
INNER MONGOLIA KE'ERQ 6.45 04/30/22 CNY 20.13
INNER MONGOLIA ZHUNGE 6.54 12/31/21 CNY 20.10
INNER MONGOLIA ZHUNGE 6.54 12/31/21 CNY 22.10
JIAHE ZHUDU DEVELOPME 6.50 05/25/24 CNY 61.38
JIAHE ZHUDU DEVELOPME 6.50 05/25/24 CNY 61.38
JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 39.91
JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 39.96
JIANAN INVESTMENT HOL 4.30 03/08/23 CNY 40.34
JIANAN INVESTMENT HOL 4.30 03/08/23 CNY 40.38
JIANAN INVESTMENT HOL 3.50 09/05/23 CNY 39.70
JIANAN INVESTMENT HOL 3.50 09/05/23 CNY 40.08
JIANAN INVESTMENT HOL 3.85 09/05/23 CNY 40.20
JIANAN INVESTMENT HOL 3.85 09/05/23 CNY 40.28
JIANGMEN NEW HI-TECH 6.03 04/22/22 CNY 20.25
JIANGMEN NEW HI-TECH 6.03 04/22/22 CNY 20.35
JIANGSU BEIGU INDUSTR 5.80 06/20/23 CNY 39.77
JIANGSU BEIGU INDUSTR 5.80 06/20/23 CNY 39.96
JIANGSU DAHANG LINGAN 5.18 09/22/23 CNY 39.31
JIANGSU DAHANG LINGAN 5.18 09/22/23 CNY 39.47
JIANGSU GAOCHUN ECONO 3.67 09/23/23 CNY 39.75
JIANGSU GAOCHUN ECONO 3.67 09/23/23 CNY 39.76
JIANGSU GAOCHUN ECONO 3.92 11/23/23 CNY 59.89
JIANGSU GAOCHUN ECONO 3.92 11/23/23 CNY 60.02
JIANGSU GAOCHUN ECONO 5.66 06/26/24 CNY 61.39
JIANGSU GAOCHUN ECONO 5.66 06/26/24 CNY 61.43
JIANGSU GAOCHUN ECONO 6.08 08/14/24 CNY 59.57
JIANGSU GAOCHUN ECONO 6.08 08/14/24 CNY 61.93
JIANGSU HAIRUN CITY D 6.22 04/03/22 CNY 20.22
JIANGSU HAIRUN CITY D 6.22 04/03/22 CNY 20.25
JIANGSU HAIZHOU DEVEL 4.67 06/06/23 CNY 39.60
JIANGSU HAIZHOU DEVEL 4.67 06/06/23 CNY 40.37
JIANGSU HAIZHOUWAN DE 5.38 03/29/23 CNY 29.70
JIANGSU HANRUI INVEST 4.63 04/15/23 CNY 40.42
JIANGSU HANRUI INVEST 4.63 04/15/23 CNY 40.44
JIANGSU HANRUI INVEST 5.00 08/31/23 CNY 38.08
JIANGSU HANRUI INVEST 5.00 08/31/23 CNY 39.70
JIANGSU HONGZE LAKE S 6.50 08/01/24 CNY 60.16
JIANGSU JINHUI GROUP 5.16 07/14/24 CNY 61.34
JIANGSU JINHUI GROUP 5.16 07/14/24 CNY 63.60
JIANGSU JINTAN GUOFA 4.60 08/22/23 CNY 39.79
JIANGSU JINTAN GUOFA 4.60 08/22/23 CNY 39.80
JIANGSU KAIYUAN INVES 7.08 08/03/24 CNY 59.44
JIANGSU KAIYUAN INVES 7.08 08/03/24 CNY 60.00
JIANGSU RUNCHENG ASSE 5.65 04/19/24 CNY 61.11
JIANGSU RUNCHENG ASSE 5.65 04/19/24 CNY 62.65
JIANGSU WUZHONG ECONO 5.49 11/19/21 CNY 20.01
JIANGSU WUZHONG ECONO 5.49 11/19/21 CNY 20.32
JIANGSU XISHAN ECONOM 5.78 07/20/22 CNY 20.37
JIANGSU XISHAN ECONOM 5.78 07/20/22 CNY 20.50
JIANGSU YANGKOU PORT 6.23 04/10/22 CNY 20.11
JIANGSU YANGKOU PORT 6.23 04/10/22 CNY 27.50
JIANGSU YINGZHOU DEVE 4.33 09/21/23 CNY 38.19
JIANGSU YINGZHOU DEVE 4.33 09/21/23 CNY 38.43
JIANGSU YIXING ENVIRO 4.08 09/14/23 CNY 40.03
JIANGSU YIXING ENVIRO 4.08 09/14/23 CNY 40.15
JIANGSU ZHONGAN CONST 5.65 03/24/24 CNY 60.79
JIANGSU ZHONGAN CONST 5.65 03/24/24 CNY 62.40
JIANGSU ZHONGGUANCUN 5.70 08/30/24 CNY 61.60
JIANGSU ZHONGGUANCUN 5.70 08/30/24 CNY 61.74
JIANGSU ZHUFU INDUSTR 4.47 07/20/23 CNY 38.90
JIANGSU ZHUFU INDUSTR 4.47 07/20/23 CNY 39.30
JIANGXI HEJI INVESTME 5.09 12/17/22 CNY 39.61
JIANGXI HEJI INVESTME 5.09 12/17/22 CNY 40.00
JIANGXI LONGHU MOUNTA 4.35 03/16/23 CNY 39.58
JIANGXI LONGHU MOUNTA 4.35 03/16/23 CNY 39.78
JIANGXI PINGXIANG CHA 6.00 08/11/24 CNY 60.00
JIANGXI PINGXIANG CHA 6.00 08/11/24 CNY 60.21
JIANGYOU HONGFEI INVE 6.55 09/02/22 CNY 20.10
JIANGYOU HONGFEI INVE 6.55 09/02/22 CNY 20.31
JIANHU URBAN CONSTRUC 6.30 06/01/22 CNY 19.96
JIANHU URBAN CONSTRUC 6.30 06/01/22 CNY 22.86
JIANLI FENGYUAN CITY 6.78 04/28/24 CNY 61.44
JIANLI FENGYUAN CITY 6.78 04/28/24 CNY 61.45
JIANYANG DEVELOPMENT 3.93 11/10/23 CNY 58.49
JIANYANG DEVELOPMENT 3.93 11/10/23 CNY 58.58
JIANYANG MODERN INDUS 6.00 04/24/24 CNY 60.19
JIANYANG MODERN INDUS 6.00 04/24/24 CNY 60.61
JIAXING JIAXIU DEVELO 5.60 09/25/24 CNY 61.80
JIAXING JIAXIU DEVELO 5.60 09/25/24 CNY 61.99
JIAXING XIANGJIADANG 4.13 07/20/23 CNY 39.64
JIAXING XIANGJIADANG 4.13 07/20/23 CNY 40.34
JIAXING XIANGJIADANG 3.87 09/21/23 CNY 39.38
JIAXING XIANGJIADANG 3.87 09/21/23 CNY 40.09
JIAYU COUNTY URBAN TO 5.70 01/19/23 CNY 40.00
JIAYU COUNTY URBAN TO 5.70 01/19/23 CNY 40.19
JIAYU COUNTY URBAN TO 6.50 01/19/24 CNY 60.55
JIAYU COUNTY URBAN TO 6.50 01/19/24 CNY 61.04
JIAYU COUNTY URBAN TO 5.70 03/23/24 CNY 60.57
JIAYU COUNTY URBAN TO 5.70 03/23/24 CNY 60.57
JILIN CITY CONSTRUCTI 3.80 01/27/23 CNY 37.00
JILIN CITY CONSTRUCTI 3.80 01/27/23 CNY 39.79
JILIN ECONOMIC AND TE 6.20 04/29/23 CNY 40.07
JILIN ECONOMIC AND TE 6.20 04/29/23 CNY 40.17
JINAN CITY LICHENG DI 5.00 06/23/22 CNY 20.00
JINAN CITY LICHENG DI 5.00 06/23/22 CNY 20.10
JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 20.00
JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 40.40
JINCHENG STATE-OWNED 4.99 11/11/21 CNY 20.00
JINCHENG STATE-OWNED 4.99 11/11/21 CNY 20.10
JINGDEZHEN CERAMIC CU 5.38 11/27/22 CNY 39.96
JINGDEZHEN CERAMIC CU 5.38 11/27/22 CNY 40.00
JINGJIANG BINJIANG XI 5.37 07/25/24 CNY 60.31
JINGJIANG BINJIANG XI 5.37 07/25/24 CNY 63.53
JINGJIANG CITY INVEST 4.55 03/30/23 CNY 39.86
JINGJIANG CITY INVEST 4.55 03/30/23 CNY 39.94
JINGMEN CITY CONSTRUC 6.85 07/09/22 CNY 15.00
JINGMEN CITY CONSTRUC 6.85 07/09/22 CNY 15.35
JINGMEN HIGH-TECH DEV 5.48 08/11/22 CNY 19.80
JINGMEN HIGH-TECH DEV 5.48 08/11/22 CNY 20.19
JINGMEN HIGH-TECH DEV 4.15 07/28/23 CNY 39.62
JINGMEN HIGH-TECH DEV 4.15 07/28/23 CNY 39.83
JINGSHAN JINGCHENG IN 4.38 08/29/23 CNY 39.22
JINGSHAN JINGCHENG IN 4.38 08/29/23 CNY 40.29
JINGZHOU DEVELOPMENT 4.87 09/23/26 CNY 65.26
JINGZHOU DEVELOPMENT 4.87 09/23/26 CNY 69.64
JINGZHOU URBAN CONSTR 3.97 03/10/23 CNY 40.10
JINGZHOU URBAN CONSTR 3.97 03/10/23 CNY 40.23
JINGZHOU URBAN CONSTR 5.68 07/20/24 CNY 61.55
JINGZHOU URBAN CONSTR 5.68 07/20/24 CNY 61.70
JINHU COUNTY STATE-OW 4.00 07/26/22 CNY 25.13
JINHU COUNTY STATE-OW 4.00 07/26/22 CNY 25.13
JINING CITY SHIZHONG 6.39 01/29/22 CNY 19.98
JINING CITY SHIZHONG 6.39 01/29/22 CNY 24.44
JINING CITY SHIZHONG 3.52 09/14/23 CNY 38.98
JINING HIGH TECH URBA 6.09 04/30/22 CNY 20.19
JINING HIGH TECH URBA 6.09 04/30/22 CNY 21.50
JINING HIGH TECH URBA 5.88 04/25/23 CNY 71.15
JINNENG HOLDING COAL 5.20 04/24/28 CNY 75.00
JINSHA COUNTY CONSTRU 6.01 09/05/23 CNY 37.96
JINSHA COUNTY CONSTRU 6.01 09/05/23 CNY 38.69
JINTANG MODERN AGRICU 5.49 07/14/23 CNY 40.00
JINTANG MODERN AGRICU 5.49 07/14/23 CNY 40.22
JINXIAN COUNTY CITY C 6.20 07/24/24 CNY 60.98
JINZHAI URBAN DEVELOP 5.90 04/25/23 CNY 40.80
JINZHAI URBAN DEVELOP 5.90 04/25/23 CNY 40.80
JISHOU HUATAI STATE O 7.18 02/09/22 CNY 20.02
JISHOU HUATAI STATE O 7.18 02/09/22 CNY 22.82
JISHOU HUATAI STATE O 6.50 06/21/24 CNY 59.67
JISHOU HUATAI STATE O 6.50 06/21/24 CNY 62.50
JISHOU HUATAI STATE O 6.45 09/11/24 CNY 59.51
JISHOU HUATAI STATE O 6.45 09/11/24 CNY 60.00
JIUJIANG CITY CONSTRU 5.50 05/22/22 CNY 19.55
JIUJIANG CITY CONSTRU 5.50 05/22/22 CNY 20.24
JIUJIANG LAND INVESTM 6.20 03/23/22 CNY 20.13
JIUJIANG LAND INVESTM 6.20 03/23/22 CNY 20.36
JIUJIANG LIANXI DISTR 4.58 03/30/23 CNY 39.84
JIUJIANG LIANXI DISTR 4.58 03/30/23 CNY 40.01
JIXI STATE OWN ASSET 6.87 01/19/22 CNY 19.98
JIXI STATE OWN ASSET 6.87 01/19/22 CNY 20.04
JUNAN CITY STATE OWNE 7.50 09/26/24 CNY 59.81
JUNAN CITY STATE OWNE 7.50 09/26/24 CNY 62.63
JURONG URBAN CONSTRUC 6.89 09/18/24 CNY 60.00
JURONG URBAN CONSTRUC 6.89 09/18/24 CNY 61.09
JURONG URBAN CONSTRUC 6.80 11/06/24 CNY 60.83
KAIFENG URBAN OPERATI 6.35 03/23/22 CNY 20.09
KAIFENG URBAN OPERATI 6.35 03/23/22 CNY 20.09
KAIFU CITY DEVELOPMEN 4.20 01/21/23 CNY 39.85
KAIFU CITY DEVELOPMEN 4.20 01/21/23 CNY 40.13
KAIFU CITY DEVELOPMEN 3.73 08/22/23 CNY 39.85
KAIFU CITY DEVELOPMEN 3.73 08/22/23 CNY 40.21
KAILI GUIZHOU TOWN CO 5.29 12/17/22 CNY 38.94
KAILI GUIZHOU TOWN CO 5.29 12/17/22 CNY 40.00
KAILI GUIZHOU TOWN CO 4.20 10/13/23 CNY 37.07
KAILI GUIZHOU TOWN CO 4.20 10/13/23 CNY 37.07
KANGMEI PHARMACEUTICA 6.28 03/20/21 CNY 20.50
KANGMEI PHARMACEUTICA 6.10 03/28/21 CNY 20.50
KANGMEI PHARMACEUTICA 5.50 04/20/21 CNY 20.50
KANGMEI PHARMACEUTICA 7.00 06/21/21 CNY 20.50
KANGMEI PHARMACEUTICA 6.80 06/28/21 CNY 20.50
KANGMEI PHARMACEUTICA 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICA 5.20 07/17/22 CNY 20.50
KANGMEI PHARMACEUTICA 5.29 08/16/22 CNY 20.50
KANGMEI PHARMACEUTICA 5.47 09/15/22 CNY 20.50
KASHI URBAN CONSTRUCT 5.80 07/20/22 CNY 20.10
KASHI URBAN CONSTRUCT 5.80 07/20/22 CNY 20.16
KUNMING DIANCHI INVES 5.75 07/24/24 CNY 59.79
KUNMING DIANCHI INVES 5.75 07/24/24 CNY 59.83
KUNSHAN YINQIAO HOLDI 5.50 10/18/24 CNY 62.25
KUNSHAN YINQIAO HOLDI 5.50 10/18/24 CNY 64.10
LAOHEKOU CITY CONSTRU 6.75 08/12/22 CNY 20.06
LAOHEKOU CITY CONSTRU 6.49 08/16/24 CNY 60.00
LAOHEKOU CITY CONSTRU 6.49 08/16/24 CNY 61.14
LEIYANG CITY AND RURA 7.80 04/10/22 CNY 20.31
LEIYANG CITY AND RURA 7.80 04/10/22 CNY 20.32
LEPING STATE-OWNED AS 3.70 10/20/23 CNY 39.42
LEPING STATE-OWNED AS 3.70 10/20/23 CNY 39.79
LIANYUNGANG HENGCHI I 7.45 09/22/24 CNY 58.73
LIANYUNGANG HENGCHI I 7.45 09/22/24 CNY 60.00
LIANYUNGANG HENGCHI I 7.40 10/27/24 CNY 60.00
LIANYUNGANG HENGCHI I 7.40 10/27/24 CNY 62.23
LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 20.01
LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 25.00
LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 39.56
LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 39.63
LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 39.68
LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 40.00
LIAOCHENG XINGYE HOLD 5.20 04/13/23 CNY 39.49
LIAOCHENG XINGYE HOLD 5.20 04/13/23 CNY 39.49
LIAONING GUANLONG CON 4.70 11/10/23 CNY 59.00
LIAONING GUANLONG CON 4.70 11/10/23 CNY 59.80
LIAONING YAODU DEVELO 6.50 04/29/23 CNY 40.62
LILING HIGH-TECH INDU 4.93 01/19/23 CNY 39.32
LINFEN YAODU DISTRICT 7.19 03/13/22 CNY 20.14
LINWU SHUNFA URBAN CO 7.00 08/23/24 CNY 60.00
LINWU SHUNFA URBAN CO 7.00 08/23/24 CNY 60.26
LINYI CITY DEVELOPMEN 3.85 11/22/23 CNY 59.36
LINYI CITY DEVELOPMEN 3.85 11/22/23 CNY 60.21
LISHUI CITY CULTURAL 5.67 08/13/22 CNY 20.03
LISHUI CITY CULTURAL 5.67 08/13/22 CNY 20.11
LIUPANSHUI CITY TRAFF 5.98 05/02/24 CNY 57.42
LIUPANSHUI CITY TRAFF 5.98 05/02/24 CNY 60.56
LIUPANSHUI DEVELOPMEN 3.74 01/20/23 CNY 39.70
LIUPANSHUI DEVELOPMEN 3.74 01/20/23 CNY 40.00
LIUPANSHUI MINSHENG I 5.08 01/29/23 CNY 36.70
LIUYANG MODERN MANUFA 4.72 01/19/23 CNY 39.81
LIUYANG MODERN MANUFA 4.72 01/19/23 CNY 39.82
LIUYANG MODERN MANUFA 5.75 05/02/24 CNY 61.69
LIUYANG MODERN MANUFA 5.88 08/10/24 CNY 62.26
LIUYANG MODERN MANUFA 5.88 08/10/24 CNY 62.37
LIUYANG URBAN CONSTRU 4.45 05/24/23 CNY 39.84
LIUYANG URBAN CONSTRU 4.45 05/24/23 CNY 40.49
LIUZHOU CITY INVESTME 7.18 12/31/22 CNY 29.91
LIUZHOU DONGTONG INVE 4.45 07/22/23 CNY 37.96
LIUZHOU DONGTONG INVE 4.45 07/22/23 CNY 38.00
LIUZHOU LONGJIAN INVE 8.28 04/30/24 CNY 44.50
LIUZHOU LONGJIAN INVE 8.28 04/30/24 CNY 45.83
LONGCHANG DEVELOPMENT 7.09 10/31/24 CNY 60.00
LONGCHANG DEVELOPMENT 7.09 10/31/24 CNY 61.82
LONGYAN RAILWAY CONST 4.98 04/13/23 CNY 39.82
LONGYAN RAILWAY CONST 4.98 04/13/23 CNY 39.98
LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 39.79
LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 39.93
LOUDI WANBAO NEW DIST 5.13 02/01/23 CNY 39.29
LOUDI WANBAO NEW DIST 5.13 02/01/23 CNY 39.35
LOUDI WANBAO NEW DIST 4.42 08/01/23 CNY 38.56
LOUDI WANBAO NEW DIST 4.42 08/01/23 CNY 39.72
LU'AN JIN'AN DISTRICT 5.95 07/24/24 CNY 61.71
LUJIANG CITY CONSTRUC 6.70 04/16/22 CNY 20.00
LUJIANG CITY CONSTRUC 6.70 04/16/22 CNY 20.30
LUOYANG CITY COUNTRY 4.28 04/26/23 CNY 40.30
LUOYANG CITY COUNTRY 4.28 04/26/23 CNY 40.53
LUOYANG CITY DEVELOPM 4.47 12/02/22 CNY 40.00
LUOYANG CITY DEVELOPM 4.47 12/02/22 CNY 40.25
LUXI URBAN CONSTRUCTI 6.80 10/27/24 CNY 60.00
LUXI URBAN CONSTRUCTI 6.80 10/27/24 CNY 60.10
LUZHOU FUYANG INVESTM 5.00 08/11/23 CNY 36.85
LUZHOU FUYANG INVESTM 5.00 08/11/23 CNY 39.01
LUZHOU HUIXING INVEST 6.28 10/19/24 CNY 61.16
LUZHOU HUIXING INVEST 6.28 10/19/24 CNY 62.31
LUZHOU XINGLU INVESTM 6.41 04/23/25 CNY 60.00
LUZHOU XINGLU INVESTM 6.41 04/23/25 CNY 63.34
LUZHOU XINGYANG INVES 4.87 01/28/23 CNY 39.49
LUZHOU XINGYANG INVES 4.87 01/28/23 CNY 39.51
MA'ANSHAN CIHU HIGH T 3.90 11/28/23 CNY 60.23
MA'ANSHAN CIHU HIGH T 3.90 11/28/23 CNY 60.35
MAANSHAN ECONOMIC TEC 6.49 03/06/22 CNY 20.14
MAANSHAN ECONOMIC TEC 6.49 03/06/22 CNY 24.99
MAANSHAN HUASHAN DIST 6.07 04/20/22 CNY 20.20
MAANSHAN HUASHAN DIST 6.07 04/20/22 CNY 20.45
MAANSHAN NINGBO INVES 7.50 04/18/26 CNY 40.00
MAANSHAN SOUTHERN IND 4.53 07/25/23 CNY 38.96
MAANSHAN SOUTHERN IND 4.53 07/25/23 CNY 39.50
MAANSHAN SOUTHERN IND 4.43 09/02/23 CNY 39.29
MAANSHAN SOUTHERN IND 4.43 09/02/23 CNY 39.36
MAANSHAN YUSHAN CITY 5.62 07/31/24 CNY 60.60
MAANSHAN YUSHAN CITY 5.62 07/31/24 CNY 60.61
MAANSHAN YUSHAN CITY 5.85 09/22/24 CNY 60.90
MAANSHAN YUSHAN CITY 5.85 09/22/24 CNY 60.90
MA'ANSHAN ZHENGPU HAR 6.00 10/13/24 CNY 62.04
MA'ANSHAN ZHENGPU HAR 6.00 10/13/24 CNY 64.26
MEISHAN CITY DONGPO D 5.90 06/30/23 CNY 38.93
MEISHAN CITY DONGPO D 5.90 06/30/23 CNY 39.23
MEISHAN HONGDA CONSTR 4.18 03/28/23 CNY 39.55
MEISHAN HONGDA CONSTR 4.18 03/28/23 CNY 39.89
MEISHAN MINDONG DEVEL 6.78 08/08/24 CNY 59.97
MEISHAN MINDONG DEVEL 6.78 08/08/24 CNY 61.75
MEIZHOU CITY XIN JIN 6.02 04/22/22 CNY 20.27
MEIZHOU CITY XIN JIN 6.02 04/22/22 CNY 25.32
MEIZHOU MEI COUNTY DI 5.00 12/30/22 CNY 39.92
MEIZHOU MEI COUNTY DI 5.00 12/30/22 CNY 40.10
MENGCHENG COUNTY URBA 5.60 09/21/24 CNY 61.60
MENGZI CITY DEVELOPME 7.65 09/25/24 CNY 62.44
MENGZI CITY DEVELOPME 7.65 09/25/24 CNY 62.53
MENGZI NEW CITY DEVEL 6.50 12/09/27 CNY 92.00
MIANYANG HONGDA ASSET 7.20 09/29/24 CNY 60.00
MIANYANG HONGDA ASSET 7.20 09/29/24 CNY 62.45
MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 20.06
MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 25.00
MUNICIPALITY OF SHENZ 3.00 03/29/22 CNY 20.00
MUNICIPALITY OF SHENZ 3.00 03/29/22 CNY 20.00
MUNICIPALITY OF SHENZ 3.37 03/29/26 CNY 69.66
MUNICIPALITY OF SHENZ 3.37 03/29/26 CNY 69.66
MUNICIPALITY OF SHENZ 3.37 03/29/26 CNY 70.20
MUNICIPALITY OF SHENZ 3.37 03/29/26 CNY 75.00
MUNICIPALITY OF SHENZ 3.37 03/29/26 CNY 75.00
NANCHANG ECONOMY TECH 3.83 09/22/23 CNY 39.84
NANCHANG ECONOMY TECH 3.83 09/22/23 CNY 40.15
NANCHONG AIRPORT INVE 6.80 01/26/22 CNY 20.05
NANJING BAIXIA STATE- 3.98 03/29/23 CNY 39.95
NANJING BAIXIA STATE- 3.98 03/29/23 CNY 40.28
NANJING JIANGBEI NEW 5.59 09/26/24 CNY 61.96
NANJING JIANGBEI NEW 5.59 09/26/24 CNY 62.50
NANJING JIANGNING ECO 7.94 04/14/24 CNY 47.62
NANJING JIANGNING URB 3.48 11/11/23 CNY 59.57
NANJING JIANGNING URB 3.48 11/11/23 CNY 59.88
NANJING JIANYE SCIENC 4.37 06/24/23 CNY 40.20
NANJING JIANYE SCIENC 4.37 06/24/23 CNY 40.49
NANJING LISHUI ECONOM 3.41 11/09/23 CNY 39.81
NANJING LISHUI ECONOM 3.41 11/09/23 CNY 60.07
NANJING LISHUI URBAN 4.97 04/28/23 CNY 40.00
NANJING LISHUI URBAN 4.97 04/28/23 CNY 40.49
NANJING METRO GROUP C 3.29 08/29/23 CNY 40.01
NANJING PUKOU COMMUNI 5.46 07/19/24 CNY 61.77
NANJING QIXIA STATE-O 4.10 06/24/23 CNY 40.12
NANJING QIXIA STATE-O 4.10 06/24/23 CNY 40.29
NANJING STATE OWNED A 5.60 03/06/23 CNY 30.64
NANLING COUNTY CONSTR 6.20 09/06/24 CNY 60.00
NANLING COUNTY CONSTR 6.20 09/06/24 CNY 60.12
NANNING HI-TECH INDUS 4.28 03/25/23 CNY 35.20
NANNING HI-TECH INDUS 4.28 03/25/23 CNY 39.94
NANNING HI-TECH INDUS 3.82 10/20/23 CNY 39.34
NANNING HI-TECH INDUS 3.82 10/20/23 CNY 39.49
NANPING CITY WUYI NEW 4.96 09/28/22 CNY 20.20
NANPING CITY WUYI NEW 4.96 09/28/22 CNY 20.23
NANTONG CHONGCHUAN UR 5.70 07/21/22 CNY 40.00
NANTONG CHONGCHUAN UR 5.70 07/21/22 CNY 40.86
NANTONG CITY TONGZHOU 3.75 07/07/23 CNY 40.00
NANTONG CITY TONGZHOU 3.75 07/07/23 CNY 40.00
NANTONG CITY TONGZHOU 4.88 04/10/24 CNY 60.93
NANTONG HIGH TECHNOLO 5.00 10/19/22 CNY 20.20
NANTONG HIGH TECHNOLO 5.00 10/19/22 CNY 20.34
NANTONG SHIBEI NEW CI 5.98 08/07/24 CNY 61.15
NANTONG SHIBEI NEW CI 5.98 08/07/24 CNY 61.69
NANTONG SUTONG HOLDIN 6.20 03/18/22 CNY 20.00
NANTONG SUTONG HOLDIN 6.20 03/18/22 CNY 20.14
NANTONG YUNTONG PORT 6.13 08/10/24 CNY 56.00
NANTONG YUNTONG PORT 6.13 08/10/24 CNY 59.87
NANYANG HIGH-TECH DIS 6.45 04/29/23 CNY 40.18
NANYANG HIGH-TECH DIS 6.45 04/29/23 CNY 40.57
NANZHANG COUNTY CONST 6.00 01/20/24 CNY 61.26
NANZHANG COUNTY CONST 6.00 01/20/24 CNY 61.30
NANZHANG COUNTY CONST 6.58 10/25/24 CNY 60.00
NANZHANG COUNTY CONST 6.58 10/25/24 CNY 62.77
NEIJIANG CITY XINGYUA 4.28 08/16/23 CNY 39.57
NEIJIANG CITY XINGYUA 4.28 08/16/23 CNY 39.62
NEIJIANG STATE-OWNED 6.20 04/12/23 CNY 39.55
NEIJIANG STATE-OWNED 6.20 04/12/23 CNY 40.04
NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 36.36
NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 38.96
NEOGLORY HOLDING GROU 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GROU 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROU 8.00 10/22/20 CNY 56.00
NINGBO CITY ZHENHAI I 5.85 12/04/21 CNY 20.05
NINGBO FENGHUA INVEST 4.58 03/28/22 CNY 50.14
NINGBO FENGHUA INVEST 4.58 03/28/22 CNY 50.20
NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 20.24
NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 28.29
NINGGUO CITY STATE OW 7.14 08/07/24 CNY 60.80
NINGGUO CITY STATE OW 7.14 08/07/24 CNY 62.27
NINGXIA SHENG YAN IND 7.50 09/27/23 CNY 42.45
NINGXIANG CITY CONSTR 6.70 01/20/22 CNY 20.12
NINGXIANG CITY CONSTR 6.70 01/20/22 CNY 20.20
NINGXIANG CITY CONSTR 6.00 06/02/26 CNY 73.23
NINGXIANG ECONOMIC TE 3.87 01/27/23 CNY 40.00
NINGXIANG ECONOMIC TE 3.87 01/27/23 CNY 40.22
NINGXIANG STATE-OWNED 4.89 06/03/23 CNY 39.93
NINGXIANG STATE-OWNED 4.89 06/03/23 CNY 40.37
NINGXIANG STATE-OWNED 3.88 11/02/23 CNY 39.41
NINGXIANG STATE-OWNED 3.88 11/02/23 CNY 60.00
ONE BELT ONE ROAD JIA 4.70 07/15/23 CNY 40.44
ONE BELT ONE ROAD JIA 4.70 07/15/23 CNY 40.45
PANJIN WATER GROUP CO 5.18 10/28/23 CNY 36.52
PANSHAN COUNTY STATE- 7.48 01/21/22 CNY 20.06
PANSHAN COUNTY STATE- 7.48 01/21/22 CNY 20.06
PANZHIHUA STATE OWNED 8.18 03/13/22 CNY 20.21
PANZHIHUA STATE OWNED 8.18 03/13/22 CNY 20.45
PEIXIAN CITY INVESTME 5.20 11/10/22 CNY 40.00
PEIXIAN CITY INVESTME 5.20 11/10/22 CNY 40.19
PEIXIAN STATE-OWNED A 5.98 07/19/24 CNY 60.00
PEIXIAN STATE-OWNED A 5.98 07/19/24 CNY 61.01
PEKING UNIVERSITY FOU 6.20 05/31/20 CNY 11.00
PEKING UNIVERSITY FOU 6.15 07/23/20 CNY 11.00
PEKING UNIVERSITY FOU 6.30 09/12/20 CNY 11.00
PEKING UNIVERSITY FOU 4.80 07/26/21 CNY 11.00
PEKING UNIVERSITY FOU 6.10 08/22/21 CNY 11.00
PEKING UNIVERSITY FOU 5.99 11/02/21 CNY 11.00
PEKING UNIVERSITY FOU 5.80 01/28/22 CNY 11.00
PEKING UNIVERSITY FOU 6.68 08/09/23 CNY 11.00
PEKING UNIVERSITY FOU 6.50 11/16/23 CNY 11.00
PEKING UNIVERSITY FOU 6.30 03/04/24 CNY 11.00
PENGSHAN DEVELOPMENT 7.00 09/05/24 CNY 60.00
PENGSHAN DEVELOPMENT 7.00 09/05/24 CNY 62.44
PENGZHOU STATE-PENGZH 3.95 10/20/23 CNY 37.98
PINGHU CITY INVESTMEN 5.13 04/29/23 CNY 40.65
PINGHU CITY INVESTMEN 5.13 04/29/23 CNY 40.65
PINGJIANG COUNTY WATE 6.64 06/27/26 CNY 71.12
PINGLIANG CULTURAL & 6.85 11/30/22 CNY 36.00
PINGLIANG CULTURAL & 6.85 11/30/22 CNY 39.83
PINGTAN COMPREHENSIVE 3.92 01/29/23 CNY 39.60
PINGXIANG CHANGXING I 5.26 04/11/23 CNY 39.31
PINGXIANG CHANGXING I 5.26 04/11/23 CNY 40.40
PINGXIANG HUIFENG INV 6.60 01/26/22 CNY 19.95
PINGXIANG HUIFENG INV 6.60 01/26/22 CNY 19.98
PINGXIANG HUIFENG INV 5.79 09/21/24 CNY 60.70
PINGXIANG HUIFENG INV 5.79 09/21/24 CNY 61.40
PINGYANG STATE-OWNED 4.97 01/08/23 CNY 40.00
PINGYANG STATE-OWNED 4.97 01/08/23 CNY 40.39
PIZHOU CITY HENGRUN I 6.46 12/05/21 CNY 20.03
PIZHOU CITY HENGRUN I 6.46 12/05/21 CNY 22.46
PIZHOU ECONOMIC DEVEL 5.00 10/29/22 CNY 19.79
PIZHOU ECONOMIC DEVEL 5.00 10/29/22 CNY 20.00
PIZHOU ECONOMIC DEVEL 6.66 09/19/24 CNY 61.00
PIZHOU ECONOMIC DEVEL 6.66 09/19/24 CNY 61.82
POYANG INVESTMENT & D 6.53 08/08/24 CNY 60.00
POYANG INVESTMENT & D 6.53 08/08/24 CNY 62.76
PUCHENG INVESTMENT DE 6.57 08/10/24 CNY 60.00
PUCHENG INVESTMENT DE 6.57 08/10/24 CNY 61.60
PUDING YELANG STATE-O 7.79 11/13/24 CNY 74.00
PUTIAN HIGH TECHNOLOG 5.90 05/03/22 CNY 25.13
PUTIAN HIGH TECHNOLOG 5.90 05/03/22 CNY 25.14
PUYANG INVESTMENT GRO 5.18 08/17/24 CNY 61.57
PUYANG INVESTMENT GRO 5.18 08/17/24 CNY 61.69
QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 20.17
QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 20.24
QIANDONGNAN TRANSPORT 5.79 12/21/22 CNY 37.55
QIANDONGNAN TRANSPORT 5.79 12/21/22 CNY 38.10
QIANDONGNANZHOU KAIHO 5.30 09/22/26 CNY 48.25
QIANDONGNANZHOU KAIHO 5.30 09/22/26 CNY 54.03
QIANJIANG URBAN CONST 5.19 12/21/22 CNY 39.98
QIANJIANG URBAN CONST 5.19 12/21/22 CNY 40.00
QIANNAN AUTONOMOUS PR 6.99 04/19/24 CNY 57.36
QIANNAN AUTONOMOUS PR 6.99 04/19/24 CNY 57.42
QIANNAN AUTONOMOUS PR 6.98 07/06/24 CNY 57.01
QIANNAN AUTONOMOUS PR 6.98 07/06/24 CNY 57.18
QIANNANZHOU INVESTMEN 6.43 03/09/22 CNY 19.30
QIANNANZHOU INVESTMEN 6.43 03/09/22 CNY 19.80
QIANNANZHOU INVESTMEN 6.77 07/28/24 CNY 49.80
QIANXINAN AUTONOMOUS 5.90 06/22/23 CNY 39.52
QIANXINAN AUTONOMOUS 5.90 06/22/23 CNY 40.36
QICHUN COUNTY CONSTRU 4.96 10/18/23 CNY 39.38
QICHUN COUNTY CONSTRU 4.96 10/18/23 CNY 39.40
QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 40.08
QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 40.27
QIDONG STATE-OWNED AS 7.30 11/20/22 CNY 30.64
QIDONG STATE-OWNED AS 4.00 03/09/23 CNY 40.17
QIDONG STATE-OWNED AS 4.00 03/09/23 CNY 40.30
QIDONG URBAN CONSTRUC 5.25 08/16/24 CNY 61.80
QIDONG URBAN CONSTRUC 5.25 08/16/24 CNY 62.50
QIHE CITY OPERATION C 5.10 03/07/23 CNY 39.78
QIHE CITY OPERATION C 5.10 03/07/23 CNY 40.01
QINGDAO CHANGYANG INV 3.73 09/12/23 CNY 39.33
QINGDAO CHANGYANG INV 3.73 09/12/23 CNY 39.35
QINGDAO CONSON DEVELO 6.40 12/12/22 CNY 30.51
QINGDAO CONSON DEVELO 6.40 12/12/22 CNY 30.63
QINGDAO JIMO CITY TOU 5.47 11/17/21 CNY 20.01
QINGDAO JIMO CITY TOU 5.47 11/17/21 CNY 21.65
QINGDAO JIMO CITY TOU 5.35 07/10/24 CNY 61.00
QINGDAO JIMO CITY TOU 5.35 07/10/24 CNY 61.41
QINGDAO OCEAN INVESTM 4.36 05/12/23 CNY 40.18
QINGDAO OCEAN INVESTM 4.36 05/12/23 CNY 40.37
QINGDAO SHAOHAI INVES 6.47 10/31/24 CNY 60.23
QINGDAO SHAOHAI INVES 6.47 10/31/24 CNY 61.64
QINGDAO WEST COAST DE 4.26 06/06/23 CNY 40.10
QINGDAO WEST COAST DE 4.26 06/06/23 CNY 40.33
QINGHAI PROVINCIAL IN 7.25 02/22/20 USD 34.62
QINGHAI PROVINCIAL IN 7.88 03/22/21 USD 35.19
QINGHAI PROVINCIAL IN 6.40 07/10/21 USD 35.80
QINGHAI STATE-OWNED A 5.90 12/17/22 CNY 72.00
QINGHAI STATE-OWNED A 5.40 05/21/23 CNY 68.20
QINGHAI STATE-OWNED A 6.38 08/14/28 CNY 70.13
QINGHAI STATE-OWNED A 7.20 11/25/28 CNY 70.13
QINGHAI STATE-OWNED A 6.70 10/10/29 CNY 70.13
QINGZHOU CITY CONSTRU 6.40 07/10/24 CNY 60.00
QINGZHOU CITY CONSTRU 6.40 07/10/24 CNY 61.00
QINGZHOU CITY CONSTRU 6.80 08/25/24 CNY 58.08
QINHUANGDAO CITY DEVE 4.69 04/14/23 CNY 40.09
QINHUANGDAO CITY DEVE 4.69 04/14/23 CNY 40.40
QINHUANGDAO DEVELOPME 4.07 08/26/23 CNY 38.83
QINHUANGDAO DEVELOPME 4.07 08/26/23 CNY 39.53
QIONGLAI CITY CONSTRU 6.98 03/25/22 CNY 20.16
QIONGLAI CITY CONSTRU 6.98 03/25/22 CNY 20.80
QUANJIAO URBAN INFRAS 5.10 05/18/23 CNY 40.03
QUANJIAO URBAN INFRAS 5.10 05/18/23 CNY 40.04
QUJING CITY QILIN DIS 5.37 11/26/22 CNY 39.54
QUJING CITY QILIN DIS 5.37 11/26/22 CNY 41.95
QUJING ECO TECH DEVEL 5.75 06/01/23 CNY 38.46
QUJING ECO TECH DEVEL 5.75 06/01/23 CNY 40.28
RENHUAI CITY DEVELOPM 5.12 04/14/23 CNY 39.01
RENHUAI CITY DEVELOPM 5.12 04/14/23 CNY 39.31
RENQIU CONSTRUCTION I 5.68 11/18/22 CNY 40.38
RENQIU CONSTRUCTION I 5.68 11/18/22 CNY 40.72
RENSHOU DEVELOPMENT O 6.42 12/22/22 CNY 38.00
RENSHOU DEVELOPMENT O 6.42 12/22/22 CNY 40.17
REWARD SCIENCE AND TE 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TE 6.40 03/03/22 CNY 70.00
RISESUN REAL ESTATE D 7.22 07/23/23 CNY 27.00
RISESUN REAL ESTATE D 7.18 08/06/23 CNY 30.00
RIZHAO CITY CONSTRUCT 3.98 12/07/22 CNY 40.05
RUCHENG COUNTY URBAN 5.69 02/23/24 CNY 71.75
RUCHENG COUNTY URBAN 5.69 02/23/24 CNY 71.76
RUDONG COUNTY JINXIN 4.57 07/26/23 CNY 39.87
RUDONG COUNTY JINXIN 4.57 07/26/23 CNY 39.97
RUDONG COUNTY JINXIN 3.80 07/26/23 CNY 40.01
RUDONG COUNTY JINXIN 3.80 07/26/23 CNY 40.13
RUDONG COUNTY KAITAI 4.57 01/08/23 CNY 40.27
RUDONG NEW WORLD INVE 4.37 07/18/23 CNY 39.70
RUDONG NEW WORLD INVE 4.37 07/18/23 CNY 39.73
RUGAO ECONOMIC & TRAD 3.95 03/24/23 CNY 40.12
RUGAO ECONOMIC & TRAD 3.95 03/24/23 CNY 40.13
RUGAO TRAFFIC INDUSTR 3.74 03/23/23 CNY 40.02
RUGAO TRAFFIC INDUSTR 3.74 03/23/23 CNY 40.10
RUIAN STATE OWNED ASS 4.56 01/27/23 CNY 39.89
RUIAN STATE OWNED ASS 4.56 01/27/23 CNY 40.43
RUICHANG CITY INVESTM 5.68 03/25/23 CNY 39.88
RUICHANG CITY INVESTM 5.50 06/17/23 CNY 39.93
RUIJIN URBAN DEVELOPM 4.13 09/06/23 CNY 39.37
RUIJIN URBAN DEVELOPM 4.13 09/06/23 CNY 39.61
RUZHOU CITY XINYUAN I 4.43 09/26/23 CNY 35.50
RUZHOU CITY XINYUAN I 4.43 09/26/23 CNY 38.22
SANMEN COUNTY STATE-O 6.80 03/18/22 CNY 20.19
SANMEN COUNTY STATE-O 6.80 03/18/22 CNY 20.20
SANMING STATE-OWNED A 5.10 04/17/24 CNY 61.15
SANMING TRANSPORTATIO 3.68 03/29/23 CNY 39.20
SANMING TRANSPORTATIO 3.68 03/29/23 CNY 40.01
SHAANXI XIXIAN NEW AR 5.10 06/06/23 CNY 39.74
SHAANXI XIXIAN NEW AR 5.10 06/06/23 CNY 39.82
SHAANXI XIXIAN NEW AR 7.10 08/23/24 CNY 61.59
SHAANXI XIXIAN NEW AR 7.10 08/23/24 CNY 62.09
SHAANXI XIXIAN NEW AR 6.89 01/05/22 CNY 19.26
SHAANXI XIXIAN NEW AR 6.89 01/05/22 CNY 20.05
SHAANXI XIXIAN NEW AR 6.67 08/23/24 CNY 60.10
SHAANXI XIXIAN NEW AR 6.67 08/23/24 CNY 60.27
SHAANXI XIXIAN NEW AR 5.15 11/27/22 CNY 40.08
SHAANXI XIXIAN NEW AR 5.15 11/27/22 CNY 41.01
SHANDONG BOXING COUNT 8.00 12/22/21 CNY 20.10
SHANDONG BOXING COUNT 8.00 12/22/21 CNY 20.15
SHANDONG GAOCHUANG CO 6.05 06/18/22 CNY 20.06
SHANDONG GAOCHUANG CO 6.05 06/18/22 CNY 22.45
SHANDONG RUYI TECHNOL 7.90 09/18/23 CNY 52.10
SHANDONG TENGJIAN INV 6.00 06/08/22 CNY 20.00
SHANDONG TENGJIAN INV 6.00 06/08/22 CNY 20.04
SHANDONG WANTONG PETR 7.97 11/29/21 CNY 0.20
SHANGHAI MINHANG URBA 5.63 04/20/22 CNY 20.14
SHANGHAI MINHANG URBA 5.63 04/20/22 CNY 20.48
SHANGHAI MUNICIPAL IN 4.80 11/05/24 CNY 45.79
SHANGHAI MUNICIPAL IN 4.80 11/05/24 CNY 46.01
SHANGHAI SHIMAO CO LT 3.60 03/05/23 CNY 48.00
SHANGHAI SHIMAO JIANS 3.23 03/25/25 CNY 82.00
SHANGHAI URBAN CONSTR 3.50 01/06/23 CNY 40.00
SHANGHAI URBAN CONSTR 3.50 01/06/23 CNY 40.03
SHANGRAO CITY STATE-O 4.65 01/29/23 CNY 39.97
SHANGRAO CITY STATE-O 4.65 01/29/23 CNY 40.42
SHANTOU CITY CONSTRUC 8.57 03/23/22 CNY 15.28
SHANTOU CITY CONSTRUC 8.57 03/23/22 CNY 15.28
SHANTOU INVESTMENT HO 7.99 03/04/24 CNY 44.60
SHANTOU INVESTMENT HO 7.99 03/04/24 CNY 47.57
SHANXI INTERNATIONAL 5.88 05/24/22 CNY 29.40
SHANXI XIANG KUANG GR 8.80 02/11/22 CNY 24.50
SHANXI XIANG KUANG GR 8.80 02/11/22 CNY 40.40
SHAODONG NEW AREA DEV 7.10 04/19/24 CNY 62.69
SHAODONG NEW AREA DEV 7.10 04/19/24 CNY 62.70
SHAOGUAN URBAN INVEST 3.67 10/25/24 CNY 54.87
SHAOGUAN URBAN INVEST 3.67 10/25/24 CNY 54.97
SHAOWU URBAN CONSTRUC 5.88 09/11/22 CNY 20.03
SHAOWU URBAN CONSTRUC 5.88 09/11/22 CNY 23.39
SHAOXING CHENGZHONGCU 6.09 04/27/22 CNY 20.18
SHAOXING CITY INVESTM 5.75 04/17/22 CNY 20.27
SHAOXING CITY INVESTM 5.75 04/17/22 CNY 28.00
SHAOXING JINGHU NEW D 6.13 04/30/22 CNY 20.19
SHAOXING JINGHU NEW D 6.13 04/30/22 CNY 20.20
SHAOXING KEQIAO CITY 3.64 09/19/23 CNY 40.01
SHAOXING KEQIAO CITY 3.64 09/19/23 CNY 40.10
SHAOXING KEQIAO CITY 5.74 08/03/24 CNY 60.00
SHAOXING KEQIAO CITY 5.74 08/03/24 CNY 62.03
SHAOXING KEQIAO ECONO 7.00 12/10/21 CNY 20.00
SHAOXING KEQIAO ECONO 7.00 12/10/21 CNY 20.05
SHAOXING KEYAN CONSTR 6.28 03/24/22 CNY 20.00
SHAOXING KEYAN CONSTR 6.28 03/24/22 CNY 20.21
SHAOXING SHANGYU ECON 4.76 04/11/23 CNY 40.32
SHAOXING SHANGYU ECON 4.76 04/11/23 CNY 40.42
SHAOYANG BAOQING INDU 5.78 07/04/26 CNY 62.45
SHAOYANG CITY CONSTRU 5.98 09/01/24 CNY 60.00
SHAOYANG CITY CONSTRU 5.98 09/01/24 CNY 60.19
SHAOYANG DULIANG INVE 5.50 04/13/23 CNY 38.72
SHAOYANG DULIANG INVE 5.50 04/13/23 CNY 40.15
SHENGZHOU INVESTMENT 5.35 07/20/24 CNY 61.93
SHENGZHOU INVESTMENT 5.35 07/20/24 CNY 62.30
SHENYANG DADONG STATE 6.05 03/20/22 CNY 20.00
SHENYANG DADONG STATE 6.05 03/20/22 CNY 20.09
SHENYANG ECONOMIC AFF 7.17 04/29/22 CNY 20.27
SHENYANG ECONOMIC AFF 7.17 04/29/22 CNY 20.30
SHENYANG TIEXI STATE- 6.00 01/14/22 CNY 20.05
SHENYANG TIEXI STATE- 6.00 01/14/22 CNY 27.50
SHENZHEN METRO GROUP 5.40 03/25/23 CNY 30.53
SHENZHEN METRO GROUP 5.40 03/25/23 CNY 30.63
SHENZHEN METRO GROUP 6.75 01/24/24 CNY 46.80
SHIJIAZHUANG HUTUO NE 5.28 12/24/25 CNY 55.00
SHIJIAZHUANG HUTUO NE 5.28 12/24/25 CNY 56.20
SHIJIAZHUANG STATE-OW 5.75 04/09/22 CNY 20.15
SHIJIAZHUANG STATE-OW 5.75 04/09/22 CNY 27.20
SHISHI CITY CONSTRUCT 6.10 05/04/22 CNY 20.16
SHISHI CITY CONSTRUCT 6.10 05/04/22 CNY 20.20
SHISHOU BOYA CITY CON 6.98 06/15/24 CNY 61.82
SHIYAN ECO DEVELOPMEN 3.98 08/05/23 CNY 39.50
SHIYAN ECO DEVELOPMEN 3.98 08/05/23 CNY 39.66
SHIYAN STATE-OWNED CA 4.88 01/11/26 CNY 70.98
SHIYAN STATE-OWNED CA 4.88 01/11/26 CNY 71.00
SHIYAN YUNYANG INVEST 6.40 07/10/24 CNY 61.37
SHIZHU TUJIA HONGSHEN 7.00 11/13/24 CNY 64.00
SHOU COUNTY STATE-OWN 6.20 10/13/24 CNY 60.00
SHOU COUNTY STATE-OWN 6.20 10/13/24 CNY 60.87
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 40.66
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 40.66
SHUYANG JINGYUAN ASSE 5.49 09/11/22 CNY 20.18
SHUYANG JINGYUAN ASSE 5.49 09/11/22 CNY 20.20
SICHUAN CHENG'A DEVEL 7.50 11/06/24 CNY 63.55
SICHUAN COAL GASIFICA 7.00 04/18/23 CNY 40.65
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN JINCAI JINXIN 7.08 07/31/24 CNY 59.68
SICHUAN JINCAI JINXIN 7.08 07/31/24 CNY 62.00
SICHUAN LANGUANG DEVE 7.50 07/11/21 CNY 12.63
SICHUAN LANGUANG DEVE 6.50 07/29/21 CNY 12.63
SICHUAN LANGUANG DEVE 7.50 08/12/21 CNY 12.63
SICHUAN LANGUANG DEVE 7.40 09/14/21 CNY 30.45
SICHUAN LANGUANG DEVE 7.50 07/23/22 CNY 42.00
SICHUAN LANGUANG DEVE 7.00 09/29/22 CNY 12.63
SICHUAN LANGUANG DEVE 7.00 10/26/22 CNY 12.63
SICHUAN LANGUANG DEVE 7.50 11/22/22 CNY 12.63
SICHUAN LANGUANG DEVE 7.20 03/11/23 CNY 12.63
SICHUAN LANGUANG DEVE 7.15 03/16/23 CNY 24.00
SICHUAN LANGUANG DEVE 7.20 05/11/23 CNY 12.63
SICHUAN LANGZHONG FAM 5.60 04/19/23 CNY 39.87
SICHUAN LANGZHONG FAM 5.60 04/19/23 CNY 40.20
SICHUAN LONGYANG TIAN 5.45 05/27/23 CNY 39.92
SICHUAN LONGYANG TIAN 5.45 05/27/23 CNY 40.17
SICHUAN NAXING INDUST 6.80 08/18/22 CNY 25.09
SICHUAN NAXING INDUST 4.68 03/31/23 CNY 38.76
SICHUAN NAXING INDUST 4.68 03/31/23 CNY 39.25
SICHUAN QINBA NEWCITY 6.68 07/07/24 CNY 58.74
SICHUAN QINBA NEWCITY 6.68 07/07/24 CNY 60.00
SICHUAN QINBA NEWCITY 6.91 07/25/24 CNY 59.16
SICHUAN QINBA NEWCITY 6.91 07/25/24 CNY 60.00
SICHUAN RENSHOU XINLO 7.00 06/27/24 CNY 61.90
SICHUAN TIANYIN INDUS 6.79 03/25/22 CNY 20.07
SICHUAN TIANYIN INDUS 6.79 03/25/22 CNY 28.00
SIHONG COUNTY HONG YU 6.15 03/16/22 CNY 20.06
SIHONG COUNTY HONG YU 6.15 03/16/22 CNY 20.35
SIHUI STATE OWNED ASS 4.59 01/14/23 CNY 39.66
SIHUI STATE OWNED ASS 4.59 01/14/23 CNY 40.29
SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 40.35
SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 40.56
SIYANG COUNTY MINKANG 7.40 07/31/24 CNY 61.38
SIYANG COUNTY MINKANG 7.40 07/31/24 CNY 62.33
SONGYUAN URBAN DEVELO 5.79 12/04/21 CNY 19.97
SONGYUAN URBAN DEVELO 5.79 12/04/21 CNY 20.78
SUINING COUNTY RUNQI 5.42 11/20/22 CNY 40.00
SUINING COUNTY RUNQI 5.42 11/20/22 CNY 40.01
SUINING COUNTY RUNQI 6.78 11/02/24 CNY 59.70
SUINING COUNTY RUNQI 6.78 11/02/24 CNY 80.63
SUINING FUYUAN INDUST 6.39 03/17/22 CNY 19.99
SUINING FUYUAN INDUST 6.39 03/17/22 CNY 24.18
SUINING FUYUAN INDUST 5.34 12/02/23 CNY 57.88
SUINING FUYUAN INDUST 5.34 12/02/23 CNY 60.18
SUINING KAIDA INVESTM 4.89 04/08/23 CNY 38.78
SUINING KAIDA INVESTM 4.89 04/08/23 CNY 39.01
SUINING ROUGANG INVES 5.65 01/24/24 CNY 60.32
SUINING ROUGANG INVES 6.80 08/02/24 CNY 61.74
SUINING ROUGANG INVES 6.80 08/02/24 CNY 61.75
SUINING TIANTAI INDUS 5.98 03/28/24 CNY 59.10
SUINING TIANTAI INDUS 5.98 03/28/24 CNY 60.84
SUINING TIANTAI INDUS 6.80 11/01/24 CNY 75.00
SUIZHOU DEVELOPMENT I 5.70 04/07/24 CNY 60.54
SUIZHOU DEVELOPMENT I 5.70 04/07/24 CNY 60.91
SUIZHOU DEVELOPMENT I 5.97 09/15/24 CNY 60.00
SUIZHOU DEVELOPMENT I 5.97 09/15/24 CNY 61.43
SUIZHOU HIGH-TECH IND 4.47 03/25/23 CNY 39.70
SUIZHOU HIGH-TECH IND 4.47 03/25/23 CNY 39.81
SUIZHOU YULONG WATER 6.10 03/28/23 CNY 42.51
SUNAC REAL ESTATE GRO 5.60 05/27/25 CNY 67.00
SUNING APPLIANCE GROU 7.30 02/02/23 CNY 27.11
SUQIAN CITY CONSTRUCT 5.30 07/11/24 CNY 61.80
SUQIAN CITY CONSTRUCT 5.30 07/11/24 CNY 61.87
SUQIAN ECONOMIC DEVEL 5.40 04/20/24 CNY 61.39
SUQIAN ECONOMIC DEVEL 5.40 04/20/24 CNY 61.88
SUQIAN HUBIN XINCHENG 6.85 08/02/24 CNY 57.54
SUQIAN HUBIN XINCHENG 6.85 08/02/24 CNY 60.00
SUQIAN HUBIN XINCHENG 6.93 08/25/24 CNY 56.91
SUQIAN HUBIN XINCHENG 6.93 08/25/24 CNY 60.00
SUQIAN YUFENG ASSET M 5.50 04/21/24 CNY 60.43
SUQIAN YUFENG ASSET M 5.50 04/21/24 CNY 64.26
SUZHOU CITY CONSTRUCT 3.89 03/24/23 CNY 40.14
SUZHOU CITY CONSTRUCT 3.89 03/24/23 CNY 40.17
SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 39.60
SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 39.99
SUZHOU MAANSHAN INVES 6.10 08/03/24 CNY 62.29
SUZHOU MAANSHAN INVES 6.10 08/03/24 CNY 62.30
SUZHOU NEW & HIGH-TEC 4.18 03/23/23 CNY 39.96
SUZHOU NEW & HIGH-TEC 4.18 03/23/23 CNY 40.27
SUZHOU NEW AREA CONST 5.98 08/04/24 CNY 60.00
SUZHOU NEW AREA CONST 5.98 08/04/24 CNY 60.96
SUZHOU WUJIANG DISTRI 5.25 07/08/22 CNY 20.31
SUZHOU WUZHONG CITY C 5.90 11/06/24 CNY 61.05
TAIAN TAISHAN HOLDING 5.50 04/26/23 CNY 40.16
TAIAN TAISHAN HOLDING 5.50 04/26/23 CNY 40.24
TAICANG SCIENCE EDUCA 5.54 08/28/22 CNY 20.29
TAICANG SCIENCE EDUCA 5.54 08/28/22 CNY 24.60
TAIHE STATE OWN ASSET 5.87 08/07/24 CNY 60.86
TAIHE STATE OWN ASSET 5.87 08/07/24 CNY 63.35
TAIXING HONGQIAO PARK 5.03 10/29/22 CNY 19.60
TAIXING HONGQIAO PARK 5.03 10/29/22 CNY 19.64
TAIZHOU CITY CONSTRUC 6.92 10/16/23 CNY 31.41
TAIZHOU CITY HUANGYAN 6.10 08/01/24 CNY 62.37
TAIZHOU CITY HUANGYAN 6.10 08/01/24 CNY 63.60
TAIZHOU CITY HUANGYAN 6.22 09/14/24 CNY 59.38
TAIZHOU CITY HUANGYAN 6.22 09/14/24 CNY 62.65
TAIZHOU GAOGANG HI-TE 5.54 06/22/24 CNY 61.66
TAIZHOU GAOGANG HI-TE 5.54 06/22/24 CNY 63.70
TAIZHOU HAILING CITY 4.60 12/14/22 CNY 40.00
TAIZHOU HAILING CITY 4.60 12/14/22 CNY 40.28
TAIZHOU JIAOJIANG STA 6.18 07/06/22 CNY 20.39
TAIZHOU JIAOJIANG STA 6.18 07/06/22 CNY 24.00
TAIZHOU JINDONG URBAN 5.10 06/02/23 CNY 40.03
TAIZHOU JINDONG URBAN 5.10 06/02/23 CNY 40.05
TAIZHOU XINTAI GROUP 4.07 03/23/23 CNY 39.99
TAIZHOU XINTAI GROUP 4.07 03/23/23 CNY 40.15
TIANCHANG CITY CONSTR 4.99 12/05/23 CNY 57.23
TIANCHANG CITY CONSTR 4.99 12/05/23 CNY 59.97
TIANJIN BINHAI NEW AR 6.10 11/23/21 CNY 24.12
TIANJIN BOHAI STATE-O 3.82 04/18/23 CNY 38.10
TIANJIN BOHAI STATE-O 3.82 04/18/23 CNY 38.39
TIANJIN BOHAI STATE-O 4.10 04/18/26 CNY 63.33
TIANJIN BOHAI STATE-O 4.10 04/18/26 CNY 70.00
TIANJIN DONGFANG CAIX 5.19 01/29/22 CNY 19.86
TIANJIN DONGFANG CAIX 7.99 08/01/24 CNY 66.58
TIANJIN DONGLI CITY I 4.28 12/02/22 CNY 40.20
TIANJIN ECONOMIC TECH 6.50 12/03/22 CNY 29.63
TIANJIN ECONOMIC TECH 6.50 12/03/22 CNY 30.15
TIANJIN GUANGCHENG IN 6.97 02/22/23 CNY 30.48
TIANJIN HUANCHENG URB 5.75 04/27/22 CNY 20.12
TIANJIN HUANCHENG URB 5.75 04/27/22 CNY 20.50
TIANJIN INFRASTRUCTUR 5.70 02/26/23 CNY 24.22
TIANJIN INFRASTRUCTUR 5.70 02/26/23 CNY 30.44
TIANJIN INFRASTRUCTUR 4.64 05/21/29 CNY 71.20
TIANJIN METRO GROUP C 4.27 10/16/25 CNY 60.15
TIANJIN METRO GROUP C 4.27 10/16/25 CNY 64.00
TIANJIN NINGHE INVEST 5.50 04/22/23 CNY 38.89
TIANJIN NINGHE INVEST 5.50 04/22/23 CNY 40.21
TIANJIN RAILWAY CONST 5.58 04/13/25 CNY 59.95
TIANJIN REAL ESTATE G 4.50 09/29/20 USD 73.75
TIANJIN WUQING STATE- 4.15 11/17/22 CNY 40.11
TIANJIN WUQING STATE- 4.15 11/17/22 CNY 40.25
TIANMEN CITY CONSTRUC 3.98 11/15/23 CNY 59.86
TIANMEN CITY CONSTRUC 3.98 11/15/23 CNY 60.07
TONGLING CONSTRUCTION 4.12 03/14/23 CNY 40.00
TONGLING CONSTRUCTION 4.12 03/14/23 CNY 40.17
TONGLING CONSTRUCTION 5.77 07/31/24 CNY 60.00
TONGLING CONSTRUCTION 5.77 07/31/24 CNY 61.94
TONGLING CONSTRUCTION 5.80 08/16/24 CNY 61.03
TONGLING CONSTRUCTION 5.80 08/16/24 CNY 62.07
TSINGHUA HOLDINGS COR 4.95 08/08/22 CNY 36.40
TSINGHUA UNIGROUP CO 5.60 11/15/20 CNY 25.50
TSINGHUA UNIGROUP CO 6.20 03/16/21 CNY 25.50
TSINGHUA UNIGROUP CO 6.15 12/26/21 CNY 25.50
TSINGHUA UNIGROUP CO 4.94 03/25/22 CNY 16.55
TSINGHUA UNIGROUP CO 5.85 03/27/22 CNY 16.88
TSINGHUA UNIGROUP CO 6.00 08/14/22 CNY 25.50
TSINGHUA UNIGROUP CO 5.20 12/10/23 CNY 11.65
TSINGHUA UNIGROUP CO 5.11 01/25/24 CNY 13.00
TULUFAN DISTRICT STAT 6.20 03/19/22 CNY 20.10
TULUFAN DISTRICT STAT 6.20 03/19/22 CNY 20.19
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTME 8.39 04/25/22 CNY 25.29
URUMQI ECO&TECH DEVEL 6.40 04/13/22 CNY 20.00
URUMQI ECO&TECH DEVEL 6.40 04/13/22 CNY 20.16
WANGCHENG ECONOMIC DE 6.57 01/22/22 CNY 20.15
WANGCHENG ECONOMIC DE 6.57 01/22/22 CNY 28.81
WANGCHENG ECONOMIC DE 3.75 07/13/23 CNY 40.30
WANGCHENG ECONOMIC DE 3.75 07/13/23 CNY 40.32
WEICHI HOLDING GROUP 6.18 07/24/24 CNY 60.00
WEICHI HOLDING GROUP 6.18 07/24/24 CNY 61.10
WEIFANG GONGXIN STATE 5.00 07/13/26 CNY 69.77
WEIFANG GONGXIN STATE 5.00 07/13/26 CNY 69.94
WEIHAI CENTRAL CITY S 6.05 11/02/24 CNY 60.00
WEIHAI CENTRAL CITY S 6.05 11/02/24 CNY 61.13
WEIHAI CITY SHUANGDAO 5.32 04/28/24 CNY 60.30
WEIHAI CITY SHUANGDAO 5.32 04/28/24 CNY 61.02
WEIHAI ECONOMIC TECHN 5.80 08/23/24 CNY 60.00
WEIHAI ECONOMIC TECHN 5.80 08/23/24 CNY 60.86
WEIHAI LANCHUANG CONS 4.80 12/17/22 CNY 39.25
WEIHAI LANCHUANG CONS 4.80 12/17/22 CNY 39.39
WEIHAI URBAN CONSTRUC 3.33 03/02/23 CNY 38.40
WEIHAI URBAN CONSTRUC 3.33 03/02/23 CNY 40.21
WEIHAI WENDENG DISTRI 3.64 10/26/23 CNY 39.10
WEIHAI WENDENG DISTRI 3.64 10/26/23 CNY 39.30
WEIHAI WENDENG URBAN 4.80 05/26/23 CNY 39.19
WEIHAI WENDENG URBAN 4.80 05/26/23 CNY 39.89
WEINAN CITY INVESTMEN 6.09 03/11/22 CNY 20.00
WEINAN CITY INVESTMEN 6.09 03/11/22 CNY 20.09
WENDENG GOLDEN BEACH 3.97 03/21/23 CNY 39.49
WENDENG GOLDEN BEACH 3.97 03/21/23 CNY 39.68
WENS FOODSTUFFS GROUP 3.26 10/29/30 USD 72.42
WENSHAN URBAN CONSTRU 4.50 09/13/23 CNY 37.12
WENSHAN URBAN CONSTRU 4.50 09/13/23 CNY 39.74
WENZHOU CITY CONSTRUC 4.05 01/25/23 CNY 40.22
WENZHOU CITY CONSTRUC 4.05 01/25/23 CNY 40.25
WENZHOU CITY CONSTRUC 5.00 04/26/23 CNY 40.58
WENZHOU CITY CONSTRUC 5.00 04/26/23 CNY 40.73
WENZHOU GANGCHENG DEV 5.19 03/29/23 CNY 40.35
WENZHOU GANGCHENG DEV 5.19 03/29/23 CNY 40.38
WENZHOU HIGH-TECH IND 5.90 09/18/24 CNY 56.50
WENZHOU HIGH-TECH IND 5.90 09/18/24 CNY 61.95
WENZHOU MINKE INDUSTR 6.44 07/18/24 CNY 60.00
WENZHOU MINKE INDUSTR 6.44 07/18/24 CNY 60.76
WENZHOU OUHAI NEW CIT 3.98 10/26/23 CNY 39.42
WENZHOU OUHAI NEW CIT 3.98 10/26/23 CNY 40.33
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 4.75 07/07/22 CNY 43.63
WUHAN CITY HUANPI DIS 5.48 04/19/24 CNY 61.37
WUHAN GUOYU LOGISTICS 7.00 08/06/16 CNY 1.00
WUHAN HONGSHAN CITY C 5.68 08/10/24 CNY 60.67
WUHAN HONGSHAN CITY C 5.68 08/10/24 CNY 61.95
WUHAN HONGSHAN CITY C 5.68 10/12/24 CNY 60.65
WUHAN HONGSHAN CITY C 5.68 10/12/24 CNY 61.70
WUHAN JIANGXIA URBAN 4.80 06/03/23 CNY 40.31
WUHAN JIANGXIA URBAN 4.80 06/03/23 CNY 40.31
WUHAN METRO GROUP CO 5.25 04/14/22 CNY 20.13
WUHAN METRO GROUP CO 5.25 04/14/22 CNY 20.37
WUHAN QIAOKOU STATE O 3.48 08/29/23 CNY 38.93
WUHAN QIAOKOU STATE O 3.48 08/29/23 CNY 39.88
WUHAN URBAN CONSTRUCT 4.99 06/15/24 CNY 75.00
WUHU COMMUNICATIONS I 4.50 04/28/23 CNY 40.20
WUHU COMMUNICATIONS I 4.50 04/28/23 CNY 40.54
WUHU COMMUNICATIONS I 3.58 09/23/23 CNY 39.32
WUHU COMMUNICATIONS I 3.58 09/23/23 CNY 40.13
WUHU COUNTY CONSTRUCT 6.60 12/08/21 CNY 20.05
WUHU COUNTY CONSTRUCT 6.60 12/08/21 CNY 20.05
WUHU JINGHU CONSTRUCT 4.37 07/20/23 CNY 40.13
WUHU JINGHU CONSTRUCT 4.37 07/20/23 CNY 40.24
WUHU JIUJIANG CONSTRU 3.96 03/21/23 CNY 40.09
WUHU XINMA INVESTMENT 4.87 11/04/22 CNY 20.21
WUSHENG CITY INVESTME 7.05 11/03/24 CNY 58.50
WUSHENG CITY INVESTME 7.05 11/03/24 CNY 59.52
WUXI EAST SCIENCE & T 5.73 09/14/24 CNY 60.00
WUXI EAST SCIENCE & T 5.73 09/14/24 CNY 62.24
WUXI FOOD SCIENCE PAR 5.70 09/28/24 CNY 62.00
WUXI FOOD SCIENCE PAR 5.70 09/28/24 CNY 62.07
WUXI HUIKAI ECONOMIC 4.16 04/08/23 CNY 39.83
WUXI HUIKAI ECONOMIC 4.16 04/08/23 CNY 40.32
WUXI TAIHU NEW CITY D 4.49 05/03/23 CNY 40.30
WUXI TAIHU NEW CITY D 4.49 05/03/23 CNY 40.30
WUXI TAIHU NEW CITY D 3.47 08/29/23 CNY 39.50
WUXI TAIHU NEW CITY D 3.47 08/29/23 CNY 39.89
WUXI XIDONG NEW TOWN 3.92 11/09/23 CNY 40.25
WUXI XIDONG NEW TOWN 3.92 11/09/23 CNY 60.22
WUYANG CONSTRUCTION G 7.80 09/11/20 CNY 32.48
XIAMEN YUZHOU GRAND F 7.50 04/03/24 CNY 37.99
XIAN FENGDONG DEVELOP 4.67 01/08/23 CNY 39.90
XIAN FENGDONG DEVELOP 4.67 01/08/23 CNY 39.93
XI'AN PIONEERING PARK 6.20 05/02/24 CNY 60.28
XI'AN PIONEERING PARK 6.20 05/02/24 CNY 61.78
XIANGSHUI GUANJIANG H 4.98 12/24/22 CNY 38.00
XIANGSHUI GUANJIANG H 4.98 12/24/22 CNY 39.19
XIANGTAN CITY INFRAST 3.95 08/04/23 CNY 36.72
XIANGTAN CITY INFRAST 3.95 08/04/23 CNY 37.55
XIANGTAN CITY INFRAST 3.60 08/04/23 CNY 38.82
XIANGTAN JIUHUA ECONO 6.59 01/21/22 CNY 19.84
XIANGTAN JIUHUA ECONO 5.00 07/25/26 CNY 57.40
XIANGTAN JIUHUA ECONO 5.00 07/25/26 CNY 69.05
XIANGTAN WANLOU XINCH 6.90 01/14/22 CNY 19.80
XIANGTAN WANLOU XINCH 6.90 01/14/22 CNY 20.00
XIANGXIANG CITY DONGS 6.20 08/03/24 CNY 60.38
XIANGXIANG CITY DONGS 6.20 08/03/24 CNY 61.21
XIANGXIANG ECONOMIC D 5.28 09/09/23 CNY 37.44
XIANGXIANG ECONOMIC D 5.28 09/09/23 CNY 38.28
XIANGXIANG URBAN CONS 5.84 05/18/23 CNY 39.94
XIANGXIANG URBAN CONS 5.84 05/18/23 CNY 40.07
XIANGXIANG URBAN CONS 7.50 10/27/24 CNY 60.00
XIANGXIANG URBAN CONS 7.50 10/27/24 CNY 62.91
XIANGYANG CITY XIANGZ 5.18 04/28/23 CNY 40.10
XIANGYANG CITY XIANGZ 5.18 04/28/23 CNY 40.39
XIANGYANG HIGH TECH S 6.25 06/12/24 CNY 62.22
XIANGYANG HIGH TECH S 6.25 06/12/24 CNY 62.26
XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 39.85
XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 39.85
XIANGYANG STATE-OWNED 6.10 07/19/24 CNY 60.00
XIANGYANG STATE-OWNED 6.10 07/19/24 CNY 60.50
XIANNING HIGH-TECH IN 6.29 02/10/22 CNY 20.10
XIANNING HIGH-TECH IN 6.29 02/10/22 CNY 20.56
XIANNING HIGH-TECH IN 6.60 06/01/27 CNY 71.40
XIANNING HIGH-TECH IN 6.60 06/01/27 CNY 72.61
XIANTAO CITY CONSTRUC 4.59 04/18/23 CNY 40.29
XIANTAO CITY CONSTRUC 4.59 04/18/23 CNY 40.30
XIAOCHANG SHUNHE DEVE 4.15 10/17/23 CNY 39.20
XIAOXIAN COUNTY DEVEL 4.85 06/22/23 CNY 39.98
XIAOXIAN COUNTY DEVEL 4.85 06/22/23 CNY 40.48
XINDONGGANG HOLDING G 5.53 04/27/23 CNY 39.65
XINDONGGANG HOLDING G 5.53 04/27/23 CNY 39.80
XINGAN COUNTY URBAN C 5.48 08/03/23 CNY 38.98
XINGAN COUNTY URBAN C 5.48 08/03/23 CNY 40.16
XINGAN LEAGUE URBAN D 6.18 12/21/22 CNY 26.94
XINGAN LEAGUE URBAN D 6.18 12/21/22 CNY 28.37
XINGHUA CITY ECONOMIC 5.28 06/13/22 CNY 25.02
XINGNING YONGYE INFRA 5.99 07/24/24 CNY 60.00
XINGNING YONGYE INFRA 5.99 07/24/24 CNY 61.73
XINGYI XINHENG URBAN 5.40 12/16/22 CNY 18.40
XINGYI XINHENG URBAN 5.40 12/16/22 CNY 40.03
XINJIANG UYGUR AR HAM 6.55 10/27/24 CNY 60.00
XINJIANG UYGUR AR HAM 6.55 10/27/24 CNY 82.17
XINJIN NEW CITY DEVEL 7.30 10/23/24 CNY 60.00
XINJIN NEW CITY DEVEL 7.30 10/23/24 CNY 61.16
XINMI CAIYUAN CITY CO 4.35 02/28/23 CNY 39.98
XINMI CAIYUAN CITY CO 4.35 02/28/23 CNY 40.00
XINTAI CITY COORDINAT 6.35 03/23/22 CNY 20.05
XINTAI CITY COORDINAT 6.35 03/23/22 CNY 20.75
XINYI CITY INVESTMENT 4.30 01/19/23 CNY 39.47
XINYI CITY INVESTMENT 4.30 01/19/23 CNY 40.00
XINYI ECONOMIC DEVELO 6.66 09/27/24 CNY 54.50
XINYI ECONOMIC DEVELO 6.66 09/27/24 CNY 59.20
XINYI URBAN TRANSPORT 6.14 02/06/22 CNY 20.16
XINYI URBAN TRANSPORT 6.14 02/06/22 CNY 20.34
XINYI URBAN TRANSPORT 5.35 04/24/24 CNY 61.04
XINYI URBAN TRANSPORT 5.35 04/24/24 CNY 62.57
XINYU CITY SHANTYTOWN 6.50 11/13/22 CNY 70.32
XINYU CITY YUSHUI DIS 7.70 06/24/22 CNY 20.35
XINYU CITY YUSHUI DIS 7.70 06/24/22 CNY 20.44
XISHUI COUNTY FENGZHU 6.52 07/28/24 CNY 61.53
XISHUI COUNTY FENGZHU 6.52 07/28/24 CNY 62.50
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 40.29
XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 40.36
XUCHANG GENERAL INVES 5.74 08/17/24 CNY 60.16
XUZHOU CITY JIAWANG C 4.00 03/23/23 CNY 40.07
XUZHOU CITY TONGSHAN 5.23 09/18/22 CNY 20.00
XUZHOU CITY TONGSHAN 5.23 09/18/22 CNY 20.34
XUZHOU HI-TECH INDUST 3.78 11/11/23 CNY 59.89
XUZHOU HI-TECH INDUST 3.78 11/11/23 CNY 60.10
XUZHOU XINSHENG INVES 5.13 08/12/22 CNY 20.34
XUZHOU XINSHENG INVES 5.13 08/12/22 CNY 24.46
YAN'AN NEW CITY CONST 5.60 04/21/24 CNY 60.62
YANCHENG GUANDONG ECO 6.42 05/16/24 CNY 60.29
YANCHENG GUANDONG ECO 6.42 05/16/24 CNY 60.80
YANCHENG HIGH-TECH ZO 3.90 12/14/22 CNY 40.00
YANCHENG HIGH-TECH ZO 3.90 12/14/22 CNY 40.04
YANCHENG YANDU DISTRI 3.67 03/17/23 CNY 39.18
YANCHENG YANDU DISTRI 3.67 03/17/23 CNY 39.76
YANGJIANG HENGCAI CIT 6.24 04/14/22 CNY 20.24
YANGJIANG HENGCAI CIT 6.24 04/14/22 CNY 21.20
YANGO GROUP CO LTD 7.50 03/22/22 CNY 19.45
YANGO GROUP CO LTD 7.40 03/24/22 CNY 17.86
YANGO GROUP CO LTD 6.90 10/31/22 CNY 20.15
YANGO GROUP CO LTD 6.95 04/24/24 CNY 25.30
YANGO GROUP CO LTD 7.00 08/24/24 CNY 23.50
YANGO GROUP CO LTD 6.80 10/28/24 CNY 20.35
YANGO GROUP CO LTD 6.67 10/14/25 CNY 22.00
YANGO JUSTICE INTERNA 5.30 01/11/22 USD 24.86
YANGO JUSTICE INTERNA 10.25 03/18/22 USD 23.11
YANGO JUSTICE INTERNA 10.00 02/12/23 USD 90.00
YANGO JUSTICE INTERNA 9.25 04/15/23 USD 22.39
YANGO JUSTICE INTERNA 8.25 11/25/23 USD 22.62
YANGO JUSTICE INTERNA 7.50 04/15/24 USD 22.38
YANGO JUSTICE INTERNA 7.88 09/04/24 USD 22.68
YANGO JUSTICE INTERNA 7.50 02/17/25 USD 22.58
YANGXIN TOWN CONSTRUC 6.50 04/26/24 CNY 62.24
YANGXIN TOWN CONSTRUC 6.50 04/26/24 CNY 62.24
YANGZHONG TRANSPORTAT 4.95 04/07/23 CNY 39.79
YANGZHONG TRANSPORTAT 4.95 04/07/23 CNY 39.97
YANGZHONG TRANSPORTAT 4.98 04/07/23 CNY 40.43
YANGZHONG TRANSPORTAT 4.98 04/07/23 CNY 40.68
YANGZHOU ECONOMIC & T 5.28 07/06/24 CNY 61.11
YANGZHOU ECONOMIC & T 5.28 07/06/24 CNY 62.40
YANGZHOU GUANGLING NE 3.62 09/07/23 CNY 38.63
YANGZHOU GUANGLING NE 3.62 09/07/23 CNY 39.02
YANGZHOU HANJIANG CON 5.88 06/15/22 CNY 20.25
YANGZHOU HANJIANG CON 5.88 06/15/22 CNY 26.63
YANGZHOU NEW MATERIAL 6.80 10/09/24 CNY 60.00
YANGZHOU NEW MATERIAL 6.80 10/09/24 CNY 61.96
YI CHENG CONSTRUCTION 5.44 04/27/23 CNY 39.78
YI ZHENG CITY DEVELOP 4.63 01/08/23 CNY 40.00
YI ZHENG CITY DEVELOP 4.63 01/08/23 CNY 40.25
YICHANG HIGH-TECH INV 4.80 12/15/22 CNY 40.00
YICHANG HIGH-TECH INV 4.80 12/15/22 CNY 40.34
YICHANG HIGH-TECH INV 3.74 07/21/23 CNY 39.44
YICHANG HIGH-TECH INV 3.74 07/21/23 CNY 40.13
YICHANG HIGH-TECH INV 6.10 05/18/24 CNY 61.03
YICHANG HIGH-TECH INV 6.10 05/18/24 CNY 61.80
YICHANG WUJIA NEW CIT 6.50 04/20/24 CNY 61.24
YICHANG WUJIA NEW CIT 6.50 04/20/24 CNY 61.28
YICHUN VENTURE CAPITA 6.70 03/23/22 CNY 20.00
YICHUN VENTURE CAPITA 6.70 03/23/22 CNY 20.18
YIHUA ENTERPRISE GROU 7.00 04/29/22 CNY 54.00
YIHUA LIFESTYLE TECHN 6.88 07/16/20 CNY 35.90
YIHUA LIFESTYLE TECHN 6.88 07/23/20 CNY 35.00
YINGCHENG CITY PUYANG 6.50 04/14/24 CNY 60.32
YINGCHENG CITY PUYANG 6.50 04/14/24 CNY 61.24
YINGKOU BEIHAI NEW CI 7.19 07/12/24 CNY 59.83
YINGKOU BEIHAI NEW CI 7.19 07/12/24 CNY 61.47
YINGKOU COASTAL DEVEL 6.45 01/26/22 CNY 20.06
YINGKOU ECO & TECH DE 5.20 08/05/23 CNY 39.76
YINGKOU ECO & TECH DE 5.20 08/05/23 CNY 39.78
YINGKOU ECO & TECH DE 6.98 04/19/24 CNY 59.84
YINGKOU ECO & TECH DE 6.98 04/19/24 CNY 61.08
YINGKOU LAOBIAN CITY 5.63 12/16/22 CNY 40.20
YINGKOU LAOBIAN CITY 4.98 03/11/23 CNY 37.79
YINGKOU LAOBIAN CITY 4.98 03/11/23 CNY 40.00
YINGTAN JUNENG INVEST 6.75 07/31/22 CNY 20.39
YINGTAN JUNENG INVEST 6.75 07/31/22 CNY 21.18
YINGTAN STATE-OWNED A 7.50 12/12/22 CNY 30.62
YINGTAN STATE-OWNED A 7.50 12/12/22 CNY 30.63
YINING CITY STATE OWN 5.37 09/24/22 CNY 19.40
YINING CITY STATE OWN 5.37 09/24/22 CNY 19.85
YIWU CITY CONSTRUCTIO 4.31 12/07/22 CNY 40.26
YIWU CITY CONSTRUCTIO 4.31 12/07/22 CNY 40.40
YIWU CITY CONSTRUCTIO 5.48 08/18/24 CNY 60.00
YIWU CITY CONSTRUCTIO 5.48 08/18/24 CNY 62.04
YIWU URBAN & RURAL NE 4.25 11/24/21 CNY 25.00
YIXING CITY CONSTRUCT 6.16 03/30/22 CNY 20.00
YIXING CITY CONSTRUCT 6.16 03/30/22 CNY 20.18
YIYANG ADVANCED INDUS 7.00 03/30/22 CNY 20.19
YIYANG ADVANCED INDUS 7.00 03/30/22 CNY 28.00
YIYANG PROVINCE AREA 4.95 10/13/23 CNY 37.66
YIYANG PROVINCE AREA 4.95 10/13/23 CNY 37.80
YIYANG PROVINCE AREA 5.16 11/23/23 CNY 57.54
YIYANG PROVINCE AREA 5.16 11/23/23 CNY 57.58
YIZHANG XINGYI CONSTR 5.49 09/02/24 CNY 52.76
YIZHANG XINGYI CONSTR 5.49 09/02/24 CNY 52.79
YIZHENG SHI'ERWEI NEW 6.77 08/22/24 CNY 60.51
YONG ZHOU CITY DEVELO 5.30 07/13/24 CNY 61.15
YONGCHENG COAL & ELEC 7.50 02/02/21 CNY 39.88
YONGJIA INVESTMENT GR 6.50 11/12/21 CNY 20.00
YONGJIA INVESTMENT GR 6.50 11/12/21 CNY 20.00
YONGXING YINDU INVEST 5.60 03/24/23 CNY 39.52
YONGXING YINDU INVEST 5.60 03/24/23 CNY 40.19
YONGXING YINDU INVEST 6.93 07/07/24 CNY 60.00
YONGXING YINDU INVEST 6.93 07/07/24 CNY 60.04
YONGXING YINDU INVEST 6.50 08/14/24 CNY 60.00
YONGXING YINDU INVEST 6.50 08/14/24 CNY 60.22
YONGZHOU ECONOMIC CON 3.55 01/14/23 CNY 39.48
YONGZHOU ECONOMIC CON 3.55 01/14/23 CNY 39.95
YUANAN COUNTY QIFENG 5.50 05/27/23 CNY 40.24
YUANAN COUNTY QIFENG 5.50 05/27/23 CNY 40.24
YUANLING CHENZHOU INV 6.50 09/20/24 CNY 60.00
YUANLING CHENZHOU INV 6.50 09/20/24 CNY 61.55
YUEYANG DONGTING XINC 6.15 03/20/22 CNY 20.06
YUEYANG HUIHUA URBAN 5.78 04/18/24 CNY 60.66
YUEYANG HUIHUA URBAN 5.78 04/18/24 CNY 61.66
YUEYANG HUIHUA URBAN 5.96 07/26/24 CNY 61.00
YUEYANG HUIHUA URBAN 5.96 07/26/24 CNY 61.77
YUEYANG URBAN CONSTRU 4.80 01/27/26 CNY 73.98
YUEYANG URBAN CONSTRU 4.80 01/27/26 CNY 74.24
YUEYANG YUNXI CITY CO 6.00 07/08/23 CNY 39.56
YUEYANG YUNXI CITY CO 5.18 11/21/23 CNY 57.52
YUHUAN CITY COMMUNICA 6.18 03/20/22 CNY 20.17
YUHUAN CITY COMMUNICA 6.18 03/20/22 CNY 24.47
YUHUAN CITY CONSTRUCT 5.10 05/03/23 CNY 40.05
YUHUAN CITY CONSTRUCT 5.10 05/03/23 CNY 40.61
YUHUAN CITY CONSTRUCT 3.72 10/21/23 CNY 39.33
YUHUAN CITY CONSTRUCT 3.72 10/21/23 CNY 40.15
YUNCHENG SHUIHU CITY 4.54 11/21/23 CNY 57.87
YUNCHENG SHUIHU CITY 4.54 11/21/23 CNY 59.71
YUNCHENG URBAN CONSTR 6.30 08/29/24 CNY 58.78
YUNCHENG URBAN CONSTR 6.30 08/29/24 CNY 60.00
YUZHOU GENERAL INVEST 4.68 01/19/23 CNY 40.00
YUZHOU GENERAL INVEST 4.68 01/19/23 CNY 40.15
ZAOYANG CITY CONSTRUC 5.50 03/22/23 CNY 40.19
ZAOYANG CITY CONSTRUC 5.50 03/22/23 CNY 40.39
ZHANGJIAGANG ECONOMY 3.95 03/22/23 CNY 40.00
ZHANGJIAGANG ECONOMY 3.95 03/22/23 CNY 40.23
ZHANGJIAJIE ECONOMIC 6.47 07/24/27 CNY 72.69
ZHANGJIAJIE ECONOMIC 6.47 07/24/27 CNY 72.74
ZHANGQIU STATE OWNED 3.69 08/09/23 CNY 39.81
ZHANGQIU STATE OWNED 3.69 08/09/23 CNY 40.01
ZHANGSHU STATE-OWNED 4.80 06/22/23 CNY 40.17
ZHANGSHU STATE-OWNED 4.80 06/22/23 CNY 42.67
ZHANGZHOU ECONOMIC DE 6.17 04/27/22 CNY 20.00
ZHANGZHOU ECONOMIC DE 6.17 04/27/22 CNY 20.20
ZHAODONG DONGSHENG CO 6.50 01/20/24 CNY 61.10
ZHAODONG DONGSHENG CO 6.50 01/20/24 CNY 61.11
ZHAOQING GAOYAO DISTR 6.68 04/14/22 CNY 20.00
ZHAOQING GAOYAO DISTR 6.68 04/14/22 CNY 20.29
ZHAOQING HI-TECH ZONE 3.97 08/26/23 CNY 39.47
ZHAOQING HI-TECH ZONE 3.97 08/26/23 CNY 39.82
ZHEJIANG BINHAI NEW C 4.65 12/23/22 CNY 40.36
ZHEJIANG HANGZHOU QIN 5.99 06/30/24 CNY 62.22
ZHEJIANG HANGZHOU QIN 5.99 06/30/24 CNY 62.23
ZHEJIANG HUISHENG INV 4.49 03/15/24 CNY 55.00
ZHEJIANG HUISHENG INV 4.49 03/15/24 CNY 55.51
ZHEJIANG OUHAI CONSTR 6.45 04/23/22 CNY 20.20
ZHEJIANG OUHAI CONSTR 6.45 04/23/22 CNY 20.20
ZHEJIANG OUHAI CONSTR 4.83 01/21/23 CNY 40.10
ZHEJIANG OUHAI CONSTR 4.83 01/21/23 CNY 40.44
ZHEJIANG XINCHANG INV 6.95 12/31/21 CNY 20.09
ZHEJIANG XINCHANG INV 6.95 12/31/21 CNY 20.44
ZHENGZHOU AIRPORT ECO 4.27 07/20/26 CNY 53.58
ZHENGZHOU AIRPORT ECO 4.27 07/20/26 CNY 53.62
ZHENGZHOU GENERAL AVI 5.98 06/27/24 CNY 60.00
ZHENGZHOU GENERAL AVI 5.98 06/27/24 CNY 62.11
ZHENGZHOU GENERAL AVI 5.80 10/18/24 CNY 60.00
ZHENGZHOU GENERAL AVI 5.80 10/18/24 CNY 62.21
ZHENGZHOU JINGKAI INV 5.48 07/31/22 CNY 20.00
ZHENGZHOU JINGKAI INV 5.48 07/31/22 CNY 20.35
ZHENGZHOU MOUZHONG DE 7.48 12/11/21 CNY 20.06
ZHENGZHOU MOUZHONG DE 7.48 12/11/21 CNY 26.20
ZHENGZHOU MOUZHONG DE 4.59 04/18/23 CNY 39.89
ZHENGZHOU MOUZHONG DE 4.59 04/18/23 CNY 39.95
ZHENJIANG DANTU DISTR 5.98 11/06/24 CNY 82.56
ZHENJIANG NEW AREA UR 5.31 07/14/23 CNY 39.06
ZHENJIANG NEW AREA UR 5.31 07/14/23 CNY 40.44
ZHIJIANG STATE-OWNED 4.78 01/11/23 CNY 37.00
ZHIJIANG STATE-OWNED 4.78 01/11/23 CNY 40.04
ZHIJIANG STATE-OWNED 4.38 03/28/23 CNY 39.25
ZHIJIANG STATE-OWNED 4.38 03/28/23 CNY 39.74
ZHIJIANG WANYUN COMMU 7.00 08/29/24 CNY 61.56
ZHONGGUANCUN DEVELOPM 4.20 08/12/22 CNY 20.15
ZHONGGUANCUN DEVELOPM 4.20 08/12/22 CNY 20.20
ZHONGRONG XINDA GROUP 7.40 07/18/22 CNY 7.81
ZHONGRONG XINDA GROUP 7.50 03/02/23 CNY 4.75
ZHONGSHAN TORCH DEVEL 5.79 03/23/24 CNY 61.75
ZHONGSHAN TRANSPORTAT 5.25 11/26/21 CNY 20.00
ZHONGSHAN TRANSPORTAT 5.25 11/26/21 CNY 20.01
ZHONGXIANG CITY CONST 6.50 09/01/24 CNY 62.43
ZHONGXIANG CITY CONST 6.50 09/01/24 CNY 62.44
ZHOUSHAN DINGHAI CITY 6.67 07/20/22 CNY 20.00
ZHOUSHAN ISLANDS NEW 6.98 10/22/22 CNY 24.77
ZHOUSHAN ISLANDS NEW 6.98 10/22/22 CNY 25.40
ZHOUSHAN PUTUO DISTRI 7.18 06/20/22 CNY 25.37
ZHOUSHAN PUTUO DISTRI 7.18 06/20/22 CNY 26.90
ZHUCHENG ECONOMIC DEV 5.37 07/12/24 CNY 60.14
ZHUCHENG ECONOMIC DEV 5.37 07/12/24 CNY 61.15
ZHUHAI HUIHUA INFRAST 4.70 06/27/23 CNY 40.29
ZHUHAI HUIHUA INFRAST 4.70 06/27/23 CNY 40.33
ZHUJI CITY EAST NEW T 3.89 08/26/23 CNY 40.51
ZHUJI CITY YUEDU INVE 6.38 04/07/22 CNY 20.20
ZHUJI CITY YUEDU INVE 6.38 04/07/22 CNY 20.21
ZHUJI STATE-OWNED ASS 5.34 06/28/24 CNY 61.75
ZHUJI STATE-OWNED ASS 5.34 06/28/24 CNY 62.50
ZHUJI STATE-OWNED ASS 5.23 07/18/24 CNY 61.76
ZHUZHOU CITY CONSTRUC 8.36 11/10/21 CNY 20.14
ZHUZHOU GECKOR GROUP 6.38 04/17/22 CNY 20.00
ZHUZHOU GECKOR GROUP 6.38 04/17/22 CNY 20.15
ZHUZHOU GECKOR GROUP 3.78 09/28/23 CNY 39.35
ZHUZHOU GECKOR GROUP 3.78 09/28/23 CNY 39.55
ZHUZHOU HI-TECH AUTO 4.47 11/03/23 CNY 74.62
ZHUZHOU LVXIANG INVES 7.09 08/16/24 CNY 57.50
ZHUZHOU LVXIANG INVES 7.09 08/16/24 CNY 61.11
ZHUZHOU RAILWAY INDUS 7.50 09/25/24 CNY 60.78
ZHUZHOU RECYCLING ECO 4.38 03/24/23 CNY 36.79
ZHUZHOU RECYCLING ECO 4.38 03/24/23 CNY 39.43
ZHUZHOU XIANGJIAN INV 6.40 08/09/24 CNY 60.00
ZHUZHOU XIANGJIAN INV 6.40 08/09/24 CNY 60.31
ZHUZHOU XIANGJIANG SC 5.39 11/25/22 CNY 39.31
ZHUZHOU XIANGJIANG SC 5.39 11/25/22 CNY 39.61
ZIBO BANYANG CITY URB 5.50 09/09/22 CNY 20.00
ZIBO BANYANG CITY URB 5.50 09/09/22 CNY 20.08
ZIBO BOSHAN STATE OWN 5.63 03/29/24 CNY 60.46
ZIBO BOSHAN STATE OWN 5.63 03/29/24 CNY 61.37
ZIBO HIGH TECH CITY I 5.28 08/10/24 CNY 61.86
ZIBO HIGH TECH CITY I 5.28 08/10/24 CNY 64.80
ZIXING CHENGCHENG INV 6.20 03/16/24 CNY 61.18
ZIXING CHENGCHENG INV 6.20 03/16/24 CNY 61.38
ZIXING CHENGCHENG INV 6.18 08/09/24 CNY 60.00
ZIXING CHENGCHENG INV 6.18 08/09/24 CNY 61.35
ZIXING CITY DEVELOPME 6.00 05/03/24 CNY 60.25
ZIXING CITY DEVELOPME 6.00 05/03/24 CNY 60.85
ZIXING CITY DEVELOPME 6.30 09/26/24 CNY 60.00
ZIXING CITY DEVELOPME 6.30 09/26/24 CNY 61.41
ZIYANG WATER INVESTME 3.97 03/17/23 CNY 38.33
ZIYANG WATER INVESTME 3.97 03/17/23 CNY 38.48
ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 39.28
ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 39.68
ZONGYANG INVESTMENT D 5.85 04/25/24 CNY 60.00
ZONGYANG INVESTMENT D 5.85 04/25/24 CNY 61.68
ZUNYI BOZHOU URBAN CO 6.60 07/06/24 CNY 61.35
ZUNYI BOZHOU URBAN CO 6.60 07/06/24 CNY 61.49
ZUNYI BOZHOU URBAN CO 7.85 10/24/24 CNY 60.00
ZUNYI BOZHOU URBAN CO 7.85 10/24/24 CNY 63.07
ZUNYI CITY XIANGJIANG 6.99 09/25/24 CNY 60.00
ZUNYI CITY XIANGJIANG 6.99 09/25/24 CNY 62.08
ZUNYI ECONOMIC DEVELO 4.87 01/22/23 CNY 35.00
ZUNYI ECONOMIC DEVELO 4.87 01/22/23 CNY 38.07
ZUNYI ECONOMIC DEVELO 7.48 08/17/24 CNY 56.45
ZUNYI HONGHUAGANG DIS 5.05 06/27/23 CNY 37.91
ZUNYI HONGHUAGANG DIS 5.05 06/27/23 CNY 39.99
ZUNYI HONGHUAGANG DIS 6.98 07/25/24 CNY 56.98
ZUNYI HONGHUAGANG DIS 6.98 07/25/24 CNY 61.84
ZUNYI NEW DISTRICT DE 5.99 04/07/26 CNY 47.46
ZUNYI NEW DISTRICT DE 5.99 04/07/26 CNY 55.94
ZUNYI ROAD & BRIDGE C 6.10 04/27/23 CNY 33.43
ZUNYI ROAD & BRIDGE C 6.10 04/27/23 CNY 37.06
ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 57.00
ZUNYI TRAFFIC TRAVEL 7.70 09/27/27 CNY 73.20
HONG KONG
---------
CAIYUN INTERNATIONAL 5.50 04/08/22 USD 71.66
CHINA SOUTH CITY HOLD 11.50 02/12/22 USD 80.95
CHINA SOUTH CITY HOLD 10.88 06/26/22 USD 42.19
CHINA SOUTH CITY HOLD 7.25 11/20/22 USD 45.01
CHINA SOUTH CITY HOLD 11.95 02/09/23 USD 37.38
CHINA SOUTH CITY HOLD 10.75 04/11/23 USD 36.02
DR PENG HOLDING HONGK 7.55 12/01/22 USD 61.52
HNA GROUP INTERNATION 6.25 10/05/21 USD 19.27
INDONESIA
---------
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 1.14
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 1.14
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 1.13
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 1.13
DELTA MERLIN DUNIA TE 2.50 06/26/28 USD 18.00
SRI REJEKI ISMAN TBK 7.25 01/16/25 USD 18.67
SRI REJEKI ISMAN TBK 7.25 01/16/25 USD 20.01
INDIA
-----
ACME MEDAK SOLAR ENER 0.01 08/29/46 INR 16.44
ACME RANGA REDDY SOLA 0.01 08/31/46 INR 16.31
AMPSOLAR SOLUTION PVT 0.01 10/27/37 INR 30.75
AMPSOLAR SOLUTION PVT 0.01 11/03/37 INR 30.70
APG HABITAT PVT LTD 1.00 09/09/28 INR 66.69
APG INTELLI HOMES PVT 1.25 02/04/35 INR 47.60
APG INTELLI HOMES PVT 1.25 02/04/35 INR 48.78
ASSETS CARE & RECONST 1.00 03/30/29 INR 65.91
ASSETS CARE & RECONST 2.00 03/30/29 INR 71.65
ASSETS CARE & RECONST 2.00 03/30/29 INR 71.65
ASSETS CARE & RECONST 2.00 03/31/30 INR 68.25
AUTOMOTIVE EXCHANGE P 4.00 06/01/30 INR 65.86
AUTOMOTIVE EXCHANGE P 4.00 10/11/30 INR 65.38
BODY CUPID PVT LTD 0.01 03/31/31 INR 50.98
BREEZE CONSTRUCTIONS 0.01 06/29/30 INR 51.30
BRITANNIA INDUSTRIES 8.00 08/28/22 INR 30.67
BRITANNIA INDUSTRIES 5.50 06/03/24 INR 29.08
BROIL SOLAR ENERGY PV 0.01 09/05/31 INR 49.24
CHANDRAJYOTI ESTATE D 0.01 07/06/30 INR 52.62
CONVERGIA DIGITAL EDU 0.10 09/29/31 INR 56.46
CUMULUS TRADING CO PV 0.01 01/23/30 INR 69.71
CUMULUS TRADING CO PV 0.01 05/21/32 INR 44.66
DEWAN HOUSING FINANCE 8.50 04/18/23 INR 28.34
DLF ASPINWAL HOTELS P 0.01 10/15/30 INR 49.22
DLF EMPORIO RESTAURAN 0.01 06/29/30 INR 53.02
DLF EMPORIO RESTAURAN 0.01 08/12/30 INR 52.52
DLF HOME DEVELOPERS L 0.01 06/29/30 INR 54.89
DLF HOMES SERVICES PV 0.01 06/29/30 INR 51.30
DLF LANDS INDIA PVT L 0.01 09/29/31 INR 47.65
DLF REAL ESTATE BUILD 0.01 06/23/30 INR 52.64
DLF RECREATIONAL FOUN 0.01 10/15/30 INR 49.26
DLF RESIDENTIAL BUILD 0.01 06/23/30 INR 51.36
DLF RESIDENTIAL DEVEL 0.01 06/28/30 INR 52.61
DLF SOUTHERN TOWNS PV 0.01 07/09/30 INR 52.77
DOMUS REAL ESTATE PVT 0.01 07/11/30 INR 52.78
ECAP EQUITIES LTD 0.01 03/26/31 INR 51.87
EDEL LAND LTD 0.01 03/22/26 INR 72.99
EDELWEISS ASSET RECON 2.00 11/20/27 INR 75.12
EDELWEISS ASSET RECON 2.00 10/07/28 INR 71.82
EDELWEISS ASSET RECON 2.00 01/15/29 INR 70.83
EDELWEISS ASSET RECON 2.00 03/28/29 INR 70.13
EDELWEISS ASSET RECON 2.00 07/22/29 INR 69.00
EDELWEISS RURAL & COR 0.01 03/25/31 INR 52.68
ELP SOLAR ONE PVT LTD 0.25 02/27/31 INR 51.58
ESSAR POWER TRANSMISS 3.00 03/31/43 INR 50.73
ESSAR POWER TRANSMISS 3.00 03/31/43 INR 50.73
FUTURE RETAIL LTD 5.60 01/22/25 USD 60.63
FUTURE RETAIL LTD 5.60 01/22/25 USD 60.97
GAMMA GAANA LTD 0.01 07/31/31 INR 48.50
GREEN URJA PVT LTD 0.01 02/14/30 INR 54.84
GTL INFRASTRUCTURE LT 6.73 10/26/22 USD 9.88
HCL INFOTECH LTD 0.10 03/31/36 INR 35.23
HITODI INFRASTRUCTURE 0.01 06/30/27 INR 65.34
JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENT 7.00 05/15/17 USD 6.22
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 32.87
JTPM ATSALI LTD 0.01 08/29/48 INR 14.56
JUNO MONETA TECHNOLOG 0.01 05/18/26 INR 73.28
KANAKADURGA FINANCE L 0.01 04/15/36 INR 31.69
KUSHALS RETAIL PVT LT 1.00 05/13/29 INR 64.16
LITMUS WORLD MARKETIN 0.01 03/31/28 INR 68.45
MARIS POWER SUPPLY CO 2.00 04/18/28 INR 74.35
MELOSA BUILDERS & DEV 0.01 06/29/30 INR 51.30
MENS BUILDCON PVT LTD 0.01 06/29/30 INR 51.30
MYTRAH AADHYA POWER P 0.01 07/05/35 INR 36.55
MYTRAH ADVAITH POWER 0.01 07/13/36 INR 33.82
MYTRAH AKSHAYA ENERGY 0.01 07/13/36 INR 33.82
NANI VIRANI WIND ENER 2.00 06/30/39 INR 47.11
NEEMUCH SOLAR POWER P 0.01 08/29/46 INR 16.43
NHAVA SHEVA INTERNATI 0.01 04/14/27 INR 68.32
ORIGAMI CELLULO PVT L 0.01 11/14/36 INR 32.47
PALIWAL REAL ESTATE L 0.01 09/09/31 INR 48.10
PRAKASH INDUSTRIES LT 5.25 04/30/15 USD 22.63
PRUDENT ARC LTD 0.01 09/02/31 INR 48.11
PRUDENT ARC LTD 0.01 10/04/31 INR 46.47
PUNJAB INFRASTRUCTURE 0.40 10/15/27 INR 70.60
PUNJAB INFRASTRUCTURE 0.40 10/15/28 INR 65.88
PUNJAB INFRASTRUCTURE 0.40 10/15/29 INR 61.46
PUNJAB INFRASTRUCTURE 0.40 10/15/30 INR 57.34
PUNJAB INFRASTRUCTURE 0.40 10/15/31 INR 53.52
PUNJAB INFRASTRUCTURE 0.40 10/15/32 INR 49.99
PUNJAB INFRASTRUCTURE 0.40 10/15/33 INR 46.76
PURVANCHAL SOLAR POWE 0.01 08/29/46 INR 16.44
PYRAMID SAIMIRA THEAT 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 33.43
RAMANI ICECREAM CO LT 0.01 12/29/35 INR 35.61
REDKITE CAPITAL PVT L 2.50 03/30/29 INR 73.63
REI AGRO LTD 5.50 11/13/14 USD 0.73
REI AGRO LTD 5.50 11/13/14 USD 0.73
RELIANCE COMMUNICATIO 6.50 11/06/20 USD 10.09
REWANCHAL SOLAR POWER 0.01 08/29/46 INR 16.44
RIVERIA COMMERCIAL DE 0.01 07/08/31 INR 47.16
RMZ ONE PARAMOUNT PVT 0.10 03/24/29 INR 59.20
SAKET HOLIDAYS RESORT 0.01 06/29/30 INR 52.50
SANJWIN CONSULTING SO 0.01 06/01/28 INR 61.31
SHERISHA ROOFTOP SOLA 0.01 08/12/31 INR 45.04
SHIVAJI MARG MAINTENA 0.01 06/28/30 INR 51.48
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 26.43
STPL HORTICULTURE PVT 0.01 03/31/31 INR 58.59
SUNWORLD SOLAR POWER 0.01 08/31/46 INR 16.31
SURBHI INVESTMENTS & 2.50 10/21/28 INR 74.38
SUTARA ROADS & INFRA 0.01 08/31/30 INR 58.93
SUZLON ENERGY LTD 5.75 07/16/19 USD 23.65
SUZLON ENERGY LTD 5.75 07/16/19 USD 23.65
SVOGL OIL GAS & ENERG 5.00 08/17/15 USD 0.61
TATA SMARTFOODZ LTD 0.01 04/18/26 INR 73.56
TATA SMARTFOODZ LTD 0.01 06/28/26 INR 72.42
TATA SMARTFOODZ LTD 0.01 08/19/26 INR 71.58
TN URJA PVT LTD 0.10 02/22/36 INR 35.40
WATSUN INFRABUILD PVT 4.00 10/16/37 INR 63.92
YBRANT ENGINEERING & 0.01 05/07/31 INR 50.08
JAPAN
-----
AVANSTRATE INC 0.20 10/29/32 JPY 9.75
HIS CO LTD 0.58 02/19/27 JPY 66.71
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 0.58 03/26/21 JPY 2.02
UNIZO HOLDINGS CO LTD 0.43 11/29/21 JPY 71.12
UNIZO HOLDINGS CO LTD 0.52 05/27/22 JPY 60.00
UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 48.04
UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 47.75
UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 45.49
UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 45.59
UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 42.89
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 39.99
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 39.58
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 39.98
KOREA
-----
CJ CGV CO LTD 1.00 06/08/51 KRW 71.03
FIRST 5G SECURITIZATI 1.71 02/28/25 KRW 27.46
FIRST 5G SECURITIZATI 1.89 11/28/25 KRW 27.85
HEUNGKUK FIRE & MARIN 5.70 12/29/46 KRW 38.81
KIBO ABS SPECIALTY CO 5.00 02/28/22 KRW 74.42
KIBO ABS SPECIALTY CO 5.00 02/24/23 KRW 73.14
KIBO ABS SPECIALTY CO 5.00 02/24/24 KRW 70.34
KOREA LAND & HOUSING 1.28 08/23/49 KRW 77.55
KOREA SOUTHERN POWER 1.29 08/13/49 KRW 76.10
LOTTE CARD CO LTD 3.95 06/28/49 KRW 37.13
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 68.54
PULMUONE CO LTD 4.80 09/30/49 KRW 73.97
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SINBO SECURITIZATION 5.00 12/27/21 KRW 75.29
SINBO SECURITIZATION 5.00 01/25/22 KRW 68.09
SINBO SECURITIZATION 5.00 01/26/22 KRW 68.08
SINBO SECURITIZATION 5.00 02/23/22 KRW 66.74
SINBO SECURITIZATION 5.00 02/28/22 KRW 74.40
SINBO SECURITIZATION 5.00 06/27/22 KRW 62.95
SINBO SECURITIZATION 5.00 07/24/22 KRW 62.49
SINBO SECURITIZATION 5.00 07/26/22 KRW 62.47
SINBO SECURITIZATION 5.00 08/29/22 KRW 62.79
SINBO SECURITIZATION 5.00 08/31/22 KRW 62.78
SINBO SECURITIZATION 5.00 09/26/22 KRW 62.15
SINBO SECURITIZATION 5.00 12/25/22 KRW 72.13
SINBO SECURITIZATION 5.00 01/25/23 KRW 64.51
SINBO SECURITIZATION 5.00 01/29/23 KRW 71.86
SINBO SECURITIZATION 5.00 02/28/23 KRW 74.84
SINBO SECURITIZATION 5.00 03/20/23 KRW 74.67
SINBO SECURITIZATION 5.00 06/27/23 KRW 65.98
SINBO SECURITIZATION 5.00 06/30/23 KRW 65.95
SINBO SECURITIZATION 5.00 07/24/23 KRW 65.69
SINBO SECURITIZATION 5.00 07/29/23 KRW 65.65
SINBO SECURITIZATION 5.00 08/29/23 KRW 66.46
SINBO SECURITIZATION 5.00 08/29/23 KRW 66.46
SINBO SECURITIZATION 5.00 09/09/23 KRW 66.29
SINBO SECURITIZATION 5.00 09/26/23 KRW 66.08
SINBO SECURITIZATION 5.00 09/26/23 KRW 66.08
SINBO SECURITIZATION 5.00 09/26/23 KRW 66.08
SINBO SECURITIZATION 5.00 10/24/23 KRW 65.72
SINBO SECURITIZATION 5.00 10/24/23 KRW 65.72
SINBO SECURITIZATION 3.00 11/21/23 KRW 63.52
SINBO SECURITIZATION 5.00 11/21/23 KRW 66.84
SINBO SECURITIZATION 4.00 12/25/23 KRW 65.20
SINBO SECURITIZATION 4.00 12/25/23 KRW 65.20
SINBO SECURITIZATION 5.00 12/25/23 KRW 72.37
SINBO SECURITIZATION 5.00 12/29/23 KRW 70.19
SINBO SECURITIZATION 3.00 01/29/24 KRW 68.07
SINBO SECURITIZATION 4.00 01/29/24 KRW 70.08
SINBO SECURITIZATION 4.00 01/29/24 KRW 70.08
SINBO SECURITIZATION 5.00 02/27/24 KRW 67.89
SINBO SECURITIZATION 4.00 04/15/24 KRW 65.70
SINBO SECURITIZATION 4.00 06/30/24 KRW 66.01
SINBO SECURITIZATION 4.00 06/30/24 KRW 66.01
SINBO SECURITIZATION 5.00 06/30/24 KRW 67.99
SINBO SECURITIZATION 4.00 07/29/24 KRW 65.73
SINBO SECURITIZATION 5.00 07/29/24 KRW 67.69
SINBO SECURITIZATION 5.00 07/29/24 KRW 67.69
SINBO SECURITIZATION 4.00 08/28/24 KRW 66.40
SINBO SECURITIZATION 4.00 08/28/24 KRW 66.40
SINBO SECURITIZATION 5.00 08/28/24 KRW 68.57
SINBO SECURITIZATION 4.00 09/29/24 KRW 66.04
SINBO SECURITIZATION 4.00 09/29/24 KRW 66.04
SINBO SECURITIZATION 5.00 09/29/24 KRW 68.19
SINBO SECURITIZATION 4.00 11/27/24 KRW 69.24
SINBO SECURITIZATION 4.00 11/27/24 KRW 69.24
SINBO SECURITIZATION 5.00 11/27/24 KRW 71.55
SINBO SECURITIZATION 5.00 11/27/24 KRW 71.55
SINBO SECURITIZATION 5.00 01/29/25 KRW 46.26
MALAYSIA
--------
ASIAN PAC HOLDINGS BH 3.00 05/25/22 MYR 0.65
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.27
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.26
ELK-DESA RESOURCES BH 3.25 04/14/22 MYR 1.14
HUME CEMENT INDUSTRIE 5.00 05/29/24 MYR 1.66
MALAYAN FLOUR MILLS B 5.00 01/24/24 MYR 1.48
PENGURUSAN AIR SPV BH 1.00 09/28/35 MYR 62.71
PENGURUSAN AIR SPV BH 1.00 11/05/35 MYR 62.42
PENGURUSAN AIR SPV BH 1.00 02/05/36 MYR 65.13
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 12.50
SCANWOLF CORP BHD 3.00 08/04/26 MYR 0.36
SD INTERNATIONAL SUKU 7.00 03/12/25 USD 27.40
SD INTERNATIONAL SUKU 6.30 05/09/22 USD 30.37
SENAI-DESARU EXPRESSW 1.35 12/31/29 MYR 74.34
SENAI-DESARU EXPRESSW 1.35 06/28/30 MYR 72.83
SENAI-DESARU EXPRESSW 1.35 12/31/30 MYR 71.27
SENAI-DESARU EXPRESSW 1.35 06/30/31 MYR 69.77
YB VENTURES BHD 0.10 09/05/26 MYR 0.07
PHILIPPINES
-----------
BAYAN TELECOMMUNICATI 15.00 07/15/06 USD 19.63
SINGAPORE
---------
APL REALTY HOLDINGS P 5.95 06/02/24 USD 60.92
ASL MARINE HOLDINGS L 3.00 03/28/25 SGD 41.34
ASL MARINE HOLDINGS L 3.00 10/01/26 SGD 41.38
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.78
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.78
BANYAN TREE HOLDINGS 7.50 08/06/22 SGD 1.35
BLD INVESTMENTS PTE L 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES 8.00 12/31/21 USD 32.94
BLUE OCEAN RESOURCES 8.00 12/31/21 USD 32.94
BLUE OCEAN RESOURCES 8.00 12/31/21 USD 32.94
ENERCOAL RESOURCES PT 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LT 8.00 12/11/22 USD 44.43
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 19.36
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 19.68
INDO INFRASTRUCTURE G 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE 6.00 12/11/24 USD 29.00
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 16.61
JGC VENTURES PTE LTD 10.75 08/30/21 USD 55.20
MICLYN EXPRESS OFFSHO 8.75 11/25/18 USD 1.07
MODERNLAND OVERSEAS P 6.95 04/13/24 USD 44.64
NT RIG HOLDCO PTE LTD 7.50 12/20/22 USD 55.50
ORO NEGRO DRILLING PT 7.50 01/24/19 USD 3.88
PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SSMS PLANTATION HOLDI 7.75 01/23/23 USD 72.74
SWIBER CAPITAL PTE LT 6.25 10/30/17 SGD 4.20
SWIBER CAPITAL PTE LT 6.50 08/02/18 SGD 4.20
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
SRI LANKA
---------
SRI LANKA DEVELOPMENT 4.24 03/16/23 USD 72.96
SRI LANKA DEVELOPMENT 4.11 05/01/23 USD 71.20
SRI LANKA DEVELOPMENT 4.15 05/01/23 USD 71.24
SRI LANKA DEVELOPMENT 5.66 05/01/23 USD 72.82
SRI LANKA DEVELOPMENT 6.69 05/01/23 USD 73.98
SRI LANKA DEVELOPMENT 6.70 05/01/23 USD 73.99
SRI LANKA DEVELOPMENT 6.71 05/01/23 USD 74.00
SRI LANKA DEVELOPMENT 7.95 05/01/24 USD 67.20
SRI LANKA DEVELOPMENT 7.98 05/01/24 USD 67.25
SRI LANKA DEVELOPMENT 7.99 05/01/24 USD 67.27
SRI LANKA DEVELOPMENT 4.79 01/22/25 USD 58.73
SRI LANKA DEVELOPMENT 5.98 01/22/25 USD 59.82
SRI LANKA DEVELOPMENT 6.02 01/22/25 USD 59.90
SRI LANKA DEVELOPMENT 6.05 01/22/25 USD 59.96
SRI LANKA DEVELOPMENT 6.50 01/22/25 USD 60.89
SRI LANKA DEVELOPMENT 6.75 01/22/25 USD 61.40
SRI LANKA DEVELOPMENT 6.80 01/22/25 USD 61.50
SRI LANKA DEVELOPMENT 6.82 01/22/25 USD 61.54
SRI LANKA DEVELOPMENT 6.87 01/22/25 USD 61.65
SRI LANKA DEVELOPMENT 6.99 01/22/25 USD 61.89
SRI LANKA DEVELOPMENT 7.68 01/22/25 USD 63.31
SRI LANKA DEVELOPMENT 7.82 01/22/25 USD 63.63
SRI LANKA DEVELOPMENT 7.60 07/30/26 USD 60.52
SRI LANKA DEVELOPMENT 8.00 07/30/26 USD 61.62
SRI LANKA GOVERNMENT 5.75 04/18/23 USD 65.98
SRI LANKA GOVERNMENT 5.75 04/18/23 USD 65.98
SRI LANKA GOVERNMENT 6.85 03/14/24 USD 62.69
SRI LANKA GOVERNMENT 6.85 03/14/24 USD 62.76
SRI LANKA GOVERNMENT 6.35 06/28/24 USD 62.67
SRI LANKA GOVERNMENT 6.35 06/28/24 USD 62.73
SRI LANKA GOVERNMENT 6.13 06/03/25 USD 61.77
SRI LANKA GOVERNMENT 6.13 06/03/25 USD 61.86
SRI LANKA GOVERNMENT 6.85 11/03/25 USD 61.85
SRI LANKA GOVERNMENT 6.85 11/03/25 USD 61.94
SRI LANKA GOVERNMENT 6.83 07/18/26 USD 60.71
SRI LANKA GOVERNMENT 6.83 07/18/26 USD 60.78
SRI LANKA GOVERNMENT 6.20 05/11/27 USD 59.95
SRI LANKA GOVERNMENT 6.20 05/11/27 USD 60.04
SRI LANKA GOVERNMENT 6.75 04/18/28 USD 59.86
SRI LANKA GOVERNMENT 6.75 04/18/28 USD 59.95
SRI LANKA GOVERNMENT 7.85 03/14/29 USD 59.91
SRI LANKA GOVERNMENT 7.85 03/14/29 USD 59.95
SRI LANKA GOVERNMENT 7.55 03/28/30 USD 59.98
SRI LANKA GOVERNMENT 7.55 03/28/30 USD 60.09
SRILANKAN AIRLINES LT 7.00 06/25/24 USD 60.64
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.80
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
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